Woolwich Arsenal Fund

The Woolwich Arsenal Fund was launched in spring 2003 and raised £1.1million of equity to purchase a refurbished Victorian factory at Woolwich, South East London.  The Fund converted the property to provide 24,500 sq ft of lettable business centre space over two floors.

A 15 year lease to the Operator, START (Fareham) Limited (“START”), under a lease rent of currently at least £16,030 per month is payable by START, increasing by 4% per year. Once the occupancy level reaches 85%, the rent converts to the higher of either (1) a percentage of the turnover of the centre or (2) the minimum rental level.

The Fund Manager is considering the appropriate time to exit disposal of the property.

In July 2008 a resolution to sell the property was approved by investors. Close Investments Limited is proceeding with the negotiation for the sale of the property on behalf of the Fund. However there is a complex due diligence process still to be completed and therefore a sale is not guaranteed.

Key Facts
Launch Date	Spring 2003
Activity	Investment / Asset Enhancement
Equity	£1.1m
Original Fund Size	£3.25m