Set up with Charterhouse Bank (now part of HSBC) in July 1998 to acquire good quality, secondary shopping centres with growth and asset management potential.
ashcroft roles included:
Equity and borrowing facilities of £110m (subsequently increased to £130m).
£109m purchase price of 6 shopping centres.
£151m fund realisation.
22% equity IRR realised for investors.
Exit in Jan 2003 initiated ahead of fund end date of 2005.
Rent passing at purchase £9.9m rising to £11.4m at sale whilst ERV rose from £11.4m to £13.3m.