Specialist property adviser Christie + Co have advised Greybull Capital Partners and a team of industry specialists led by retail expert Mike Greene in their acquisition on 140 M Local convenience stores from WM Morrison Supermarkets plc.
The Christie + Co retail team applied their considerable market knowledge to value a representative sample of the stores and worked closely with their colleagues in the Christie + Co Consultancy Team who provided benchmarking and analysis on the sample using the company’s research and deep industry knowledge.
Steve Rodell, Director and Head of Retail at Christie + Co led the project, he comments: “The turnaround of the valuation was extremely quick, with the final valuation delivered to Greybull two weeks after initial outreach. The deal shows a shift in the market from ownership by supermarket chains, mutuals or banks towards more private equity buyouts. The sector remains strong with the convenience sector growing 5 percent year-on-year and the total market valued at 37.7 billion. At Christie + Co we expect we see further interest from private equity well into 2016.”
My Local Property Director, Paul Matton comments: “We were very impressed with Christie + Co’s high quality appraisal that was produced with limited information from Morrison’s and exceptionally tight timescales. The team were efficient and thorough and we look forward to working with them in the future.”