Electra Private Equity gets £50m from Epiris sale of PINE Unit Trust

Epiris, the portfolio manager of Electra Private Equity, has sold freehold investment property portfolio PINE Unit Trust to Universities Superannuation Scheme for £95m.

Electra has received proceeds of £50m from the sale, an uplift of £10m or 25% and equivalent to a net asset value increase of 24p per share on the valuation of its investment at the end of September 2016. Inclusive of cash proceeds received prior to the sale, Electra has received total proceeds of £83m from its investment in PINE, equivalent to 1.9x original cost and an internal rate of return of 14%.

PINE is a Jersey Property Unit Trust created to build a freehold investment property portfolio focussed on the UK educational sector. It owns a portfolio of UK properties leased to third-party operators.

At 1137 BST, Electra shares were up 0.9% to 2,674.30p.