1. Following the success of fund 1, ashcroft and HSBC (charterhouse had been taken over by HSBC) launched fund 2 in July 2000 with a maximum life of 7 years.

    ashcroft roles included:

    • joint fund equity raising with charterhouse.
    • property identification.
    • managing property purchase.
    • joint bank debt raising with charterhouse.
    • asset management plan design.
    • asset management plan implementation.
    • full property management service.
    • managing fund sale.

  2. Equity and borrowing facilities of £250m.

    £134m purchase price of 5 shopping centres.

    £176m fund realisation.

    39% equity IRR realised for investors.

    Exit in Jan 2003 initiated ahead of fund end date of 2007.

    Rent passing at purchase £11.4m rising to £12.1m at sale whilst ERV rose from £13.1m to £13.9m.