Epiris announces the sale of PINE Unit Trust

RNS Number : 1069G

Electra Private Equity PLC

24 May 2017

 

Epiris Managers LLP

Paternoster House

65 St Paul's Churchyard

London EC4M 8AB

w www.epiris.co.uk

t [phone]

f [phone]

Registered Office: Paternoster House

65 St Paul's Churchyard London EC4M 8AB

Epiris Managers LLP is a limited liability

partnership registered in England with

registration No OC320352

Authorised and regulated by the

Financial Conduct Authority

PRESS RELEASE

24 May 2017

Epiris announces the sale of PINE Unit Trust for £95 million

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 Jersey 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.

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For further information please contact:

Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook Communications   [phone]

Nicholas Board and Andrew Kenny, Epiris                                                                                       [phone]

Note to Editors:

About Epiris

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.

This is not an offer of securities for sale in the United States and securities may not be offered or sold in the
United States absent registration or an exemption from registration. Any investment in any Epiris fund shall be
qualified in its entirety by the terms and conditions of that fund's offering materials including any prospectus.

 

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