The Gardens - the Tilt Estate Company Limited aquired

[Mark]

I thought this maybe of interest to people living in The Gardens as I believe they're the gardens mentioned in the article that are owned by Tilt.

Grainger acquire portfolio of 309 units in London (taken from construction and maintenance news)

British residential property firm Grainger plc has acquired the entire shareholding in The Tilt Estate Company Limited, which owns over 300 residential units, for ?47.9 million. The total property portfolio is valued at ?62.5 million and is located in East Dulwich, London, SE22, with the majority of properties situated around a private garden square.

Two thirds of the properties are subject to assured shorthold tenancies and over 50 are subject to regulated or assured tenancies. They therefore increase and strengthen Grainger's existing portfolios. In addition, the portfolio is in line with the Company's acquisition criteria, as it offers a number of opportunities for Grainger's in-house property and asset management teams to add value. This is particularly significant to ensure the benefits from any potential long term upside in this improving area are delivered.

The portfolio currently generates a total rent roll of ?2.2 million per annum. A number of the properties are currently vacant and therefore offer immediate opportunities to enhance income and the assets' underlying value. The purchase, from Wainford Holdings Limited, has been funded from existing facilities.

[macroban]

That's a 23% discount.

Is this a measure of East Dulwich property over-valuation?

[Jeremy]

I'm not surprised to hear this, they already sold off a few of their properties earlier this year.

[Louisa]

The of an era. Tilt Estates really were a successful and predominantly family run business for years. I remember the old lady well, and god was she strict with her rents!

[boosboss]

It'll be interesting to see what happens to 'The Elms' (Big house on corner of Colyton/Peckham Rye)now that Dominic's gone.

[Peckham native]

Louisa Wrote:

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> The of an era. Tilt Estates really were a

> successful and predominantly family run business

> for years. I remember the old lady well, and god

> was she strict with her rents!

Yes, one of my earliest memories going with my mum to the Tilts offices and down into that little office with the rent book. One Christmas the old lady handing over a wrapped Christmas present although can't remember what it was. Certainly the end of an era.

[SimonM]

Tilts used to donate a raffle prize in the annual garden fete that was held in the Village - the field by the old school. The prize was a week in a holiday apartment in a building they rented out (and perhaps owned too?) right on the river in Marlow. The only time I ever won a decent raffle prize was the summer I won this - and the Tilts people instantly gave me a free upgrade to the 3 bedroom apartment in the same building that actually overlooked the river, complete with shaded balcony where you could breakfast and feed the swans and watch the boats and anglers...

So I am sorry to see them go...:))

[macroban]

This transaction still doesn't make financial sense.

Is there an overlap between the shareholders of the two companies?

[chichirara]

The house on the corner of the Rye is up for sale

[darren oshea]

i used to work for tilts years ago i always new domonic would sell up asoon as he gothis hands on itthat was a good company to work for i was there for 11 years sad to see the family name go

[Mrs Y]

How much is the house going for on the corner of peckham rye?

[dc]

16 months on?

[mikeb]

Just seen this thread: the difference between the value of the equity and the value of the properties could be existing debt within the portfolio.

[red devil]

Despite falling rents/interest rates, unemployment rising etc, Grainger have seen fit to ask me to stump up an extra 10% for my rent, welcome to the world of the corporate landlord...