LUCRUM

Bridewell Estate, London EC4

This historic freehold estate was purchased in 1997 in partnership with GE Capital for over £14.5m. 

The island site comprised six high yielding buildings and a 'hands on' management approach was adopted to improve asset performance.

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Three buildings were sold individually and the remaining properties were purchased by PRICOA in December 1999.  At the time It was regarded as one of the most successful, in terms of IRRs, joint ventures of its kind that GE Capital (London) have undertaken.