Epiris is pleased to announce that it has sold PINE Unit Trust (“PINE”), a freehold investment property portfolio focused on the UK education sector, to Universities Superannuation Scheme (“USS”) for £95 million.
Electra Private Equity PLC (“Electra”) has received proceeds of £50 million from the sale of PINE, an uplift of £10 million or 25% and equivalent to an increase in its NAV of 24 pence per share on the valuation of Electra’s investment at 30 September 2016. Inclusive of cash proceeds received prior to the sale, Electra has received total proceeds of £83 million from its investment in PINE, equivalent to 1.9x original cost and an IRR of 14%.
Established in 2005, PINE is a Property Unit Trust created to build a freehold investment property portfolio focussed on the UK educational sector. PINE owns a portfolio of UK properties leased to third-party operators.
PINE was managed throughout the period of operation by Harry Hyman’s Nexus Group. CBRE advised on the sale.
Epiris refers to Epiris Managers LLP acting on behalf of its clients, including Electra Private Equity PLC.
For further information please contact:
Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Epiris
+44 (0)20 7306 3902
Note to Editors:
Epiris is a top-decile private equity fund manager*.
Epiris, together with its predecessor firms, has managed the business and affairs of Electra Private Equity PLC, a listed private equity investment trust, for four decades. Epiris has also managed private equity investment programmes for pension funds, financial institutions and family offices. During this time Epiris has invested in excess of £5 billion in over 200 deals. Since 2011, Epiris has invested £1 billion in buyouts and co-investments and loan-to-own debt investments, in respect of which it has delivered a gross IRR of 38%**.
As at 30 September 2016, the firm had funds under management of £2.4 billion.
For further information please visit www.epiris.co.uk.
Issued by Epiris Managers LLP which is authorised and regulated by the Financial Conduct Authority.
* Refers to the 2009 and 2012 investment pools comprising Buyout & Co-investment, Secondary and Debt investments managed on behalf of Electra Private Equity PLC; comparator data supplied by Preqin.
** As at 30 September 2016 adjusted for subsequent investments and realisations. Gross IRR does not reflect adjustments for investment management and administration costs. Past performance is no guarantee of future results.