Exit #28: Brains Brewery
Location: UK, Cardiff
Asset Sub Class: Mixed use
Strategy: Joint Venture – Corporate
Mansford formed a corporate joint venture (JV) with Brains Brewery across several separate transactions ultimately resulting in the redevelopment of their prime central Cardiff asset. Mansford initially structured a JV for Brains’ real estate holding and subsequently, at Brains’ request, structured a separate JV for the redevelopment of the whole site creating, the Old Brewery Quarter, an award winning 85,000 square foot mixed use development. Separately Mansford formed a third JV with Brains to develop a 100,000 square foot logistics warehouse in Cardiff.
Mansford co-ordinated the entire development process for the Old Brewery quarter including funding, letting and development management. Prior to work commencing Mansford conducted the master planning and local authority negotiations. Mansford mitigated risk to a substantial degree by arranging the pre-letting of over 70% of the space to strongly covenanted corporates prior to commencing construction. Risk was further offset by the transfer of construction risk to a leading contractor. The Investment produced an IRR of 66.5% and a 2.4x multiple on invested equity.