Chancerygate Asset Management is proud to stand at the forefront of the investment property market and is committed to providing investors with honest and reliable advice. Our solid foundation of expertise enables us to read the property market and make informed decisions based on experience, research and trends. We are proud of the long-term investor relationships we have developed and will strive to exceed investorsâ€™ expectations into the future. In a competitive and constantly changing world, Chancerygate Asset Management will continue working with integrity to deliver results.
Timing is important, but precise timing is a rare talent.
TO LOOK TO THE FUTURE, WE FIRST LOOK TO THE PAST Since Chancerygate Asset Management’s inception in 1999, founders Andrew Johnson and Richard Melhuish have built a highly regarded and successful business, the success being rooted in their knowledge and over 60 years of combined experience. Andrew’s entrepreneurial success in various property businesses has provided a depth of practical experience that very few property asset managers can match. He has consistently made shrewd investments and has read the changing markets well allowing him to build Chancerygate Asset Management to its current position. Andrew’s practical success is complemented by Richard Melhuish’s invaluable experience in property asset management. Formerly Head of Property Investment at Liverpool Victoria, Richard now heads up our Isle of Man office and can assist clients who seek to place their portfolios offshore for regulatory purposes. Richard creates and delivers dynamic asset management initiatives and is extremely well respected in the UK property investment market. In 2002 Andrew formed the Chancerygate Business Centres model out of the development expertise within Chancerygate to focus on industrial and business space development. It has since developed in excess of 3 million sq ft of industrial and small business units and has undertaken joint ventures with Morley Fund Management, Helical Bar, Revcap and Lehman Brothers. Both Chancerygate Asset Management and Chancerygate Business Centres work together to use their combined expertise to maximise the return from any given asset management and development opportunity. This is best demonstrated by its first development of student accommodation in London which got underway in summer 2010.
It’s knowing the time to invest, what the right investment is at that time and timing the sale to optimise profit. Andrew Johnson BSc (Hons) Chairman
Andrew Johnson BSc (Hons) Chairman With more than 20 yearsâ€™ experience in the property market, Andrew Johnson knows the business inside out. He started out by gaining an Honours degree in building management and went on to establish a number of estate agencies in the late 1980s, which he sold in 1990. He then set up a commercial agency in West London and developed a construction business, which he sold in 2000. The sale of this ÂŁ32m turnover construction business left Andrew free to work with Richard Melhuish in setting up Chancerygate Asset Management. CAM sold the majority of assets under management in 2005 and the team focused their attention on Chancerygate Business Centres, transforming it into one of the largest light industrial developers in the UK.
Richard Melhuish FRICS Director, Chancerygate (IOM) Ltd.
Peter Lee LL.B General Counsel
Richard Melhuish’s expertise lies in creating and delivering dynamic asset management initiatives to enhance value. He has acquired his skills and knowledge during his 38 years in the property industry, where he was previously responsible for the UK’s largest Friendly Society’s property investments at Liverpool Victoria Asset Management.
Having qualified as a Solicitor in 1989, Peter spent ten years in private practice with prominent City law firm Reynolds Porter Chamberlain, specialising in commercial litigation and intellectual property.
More recently, Richard has bought and sold property assets in excess of £550 million, underlining his strong presence in the property investment market. Richard lives on the Isle of Man and his expertise has been recognised here by his appointment as nonexecutive director of a variety of companies. These include property owning partnerships, hedge funds and Wichford Plc, a property company with a full listing on the UK stock market.
Peter subsequently moved into the world of commerce before setting up and running a Family Office and Charitable Foundation. He remains a practising lawyer and, as a Trustee, he has significant experience in the creation of private Trusts together with their operation and management. Through his wider investment responsibilities, Peter has been involved in commercial property investment for over ten years. Whilst continuing his Family Office and charitable duties, Peter joined Chancerygate in 2010 as General Counsel and in-house legal adviser bringing to the team a wealth of experience and providing a valuable service not often seen within a private property company.
IT’S ALL ABOUT PROVIDING THE MOST HONEST AND OPEN ADVICE We know and understand property. We can read the ups and downs, the twists and turns better than most. This means we are always one step ahead, making the right decisions to ensure the best possible returns. Chancerygate Asset Management provides advice to its investors based on the following core drivers: •Investors’ requirements •Market evidence •Identifying trends and reacting early •Many years of core team experience •Open and honest disclosure of property strategy •Regular and robust reviews of performance •Best practice We deal solely with the UK property market. We focus on buying the right properties and securing the most appropriate funding. The team works openly and transparently, gaining trust by giving honest, appropriate advice and maintaining integrity and confidentiality at all times.
Successful stock selection is key and can only be learnt after many years in the asset management business. Richard Melhuish FRICS Director, Chancerygate (IOM) Ltd.
WE DON’T FOLLOW THE CROWD, WE MAKE OUR OWN DECISIONS We work to a set of core objectives and values which are at the heart of everything we do. We are committed to: •Providing uncomplicated, essential advice in line with investors’ requirements •Understanding and meeting investors’ specific needs •Striving to exceed target returns for our investors •Dealing solely with UK property investment •Only charging management fees sufficient to cover our running expenses and only taking a share of bonus fees once investors have hit their target returns •Working in an ethical, open, honest and transparent way •Targeting both small and larger scale investment opportunities •Making our own decisions and not following the crowd
Our strategic thinking puts us at the forefront of the investment property market. Mike Andrews BSc MRICS Fund Management Director
Simon Barrs BSc (Hons) Asset Manager
Mike Andrews BSc (Hons) MRICS Fund Management Director
Simon’s role involves implementing the asset management initiatives associated with the in-house and external managed funds to agreed business plans as well as putting strategies in place for investment opportunities. He also co-ordinates all activities with Chancerygate’s appointed managing agents, Workman & Partners.
A Chartered Surveyor, Mike Andrews has over 30 years’ experience in the property sector and prior to joining CAM in February 2010, was Senior Operations Director at Brixton Plc. Prior to this, he was a Director at DTZ in the investment division and he began his career at CBRE after graduating with a BSc (Hons) in Land Management from Reading University.
Simon joined the Chancerygate team in 2002 and has over 10 years’ experience in commercial property management. He was previously employed by Walker Packman as a management surveyor responsible for the property management of part of the Equitable Life Assurance and Clerical Medical investment property portfolios.
At CAM, Mike is responsible for activities in the industrial sector including the creation and management of joint venture funds, the acquisition and disposal of investment properties and the delivery of agreed asset management business plans.
Eddie Cook BSc FRICS Managing Director
James Deane MA (Hons) ACA (ICAEW) Finance Director
Eddie has over 30 years’ experience in the property sector and prior to joining CAM in 2001, was Senior Portfolio Manager at Liverpool Victoria Asset Management responsible for commercial property portfolios for the company’s UK Life Fund and Staff Pension Fund - a combined value in excess of £550m.
James qualified as a Chartered Accountant in 1996 with Price Waterhouse, before specialising in Real Estate and Public Company advisory within the Corporate Finance division of PricewaterhouseCoopers. This included two years on secondment to The Panel on Takeovers and Mergers.
In addition to his role as Managing Director, Eddie is responsible for coordinating all acquisitions and sales and ensuring all asset management initiatives are delivered to clientagreed business plans.
James went on to spend five years with Quintain Estates & Development as their Corporate Finance and Investment Analyst, responsible for the investment appraisal and analysis for both the development and fund management divisions.
A qualified Chartered Surveyor, Eddie has a keen eye for detail and enjoys implementing value added strategies through his proactive approach to property asset management.
James joined CAM in 2008 and heads up all financial activities undertaken by the business. He is also the lead contact for all banking relationships we participate in.
WE’RE PROUD OF OUR ACHIEVEMENTS AND SUCCESS Chancerygate Asset Management’s achievements are centred around wealth creation and careful timing. We know the right time to invest, the right investment for any given time and how to time a sale to optimise profit or return. Chancerygate Asset Management was established in 1999 and grew quickly, acquiring over £550m worth of property over the next four years. This included substantial portfolio purchases such as Jaguar, Roundstone and AA. The new millennium brought with it a buoyant property market and by 2005, a significant proportion of Chancerygate Asset Management’s portfolio was sold, resulting in substantial returns for our investors. The Chancerygate Asset Management team combines a wealth of property expertise across all sectors of the property market: industrial, office, out of town retail, prime retail and more recently student accommodation, with what is considered to be an unrivalled talent for successful asset management. Chancerygate Asset Management leaves nothing to chance in terms of the timescale of its ventures, the properties we invest in and most importantly, the people who manage them.
Chancerygate leaves nothing to chance. On asset management, we take the initiative, strive to add value and make things happen. Eddie Cook BSc FRICS Managing Director
OUR PROVEN TRACK RECORD IS OUR PLATFORM FOR THE FUTURE Chancerygate Asset Management believes that the UK property investment market will continue to offer opportunities where value can be added. By utilising past experiences combined with its wealth of knowledge, Chancerygate Asset Management has the ability to identify and exploit such opportunities. It is recognised that a number of institutions, banks and specialist funds will always be seeking enhanced returns but may not always have the capacity to take advantage of situations that will achieve this. As a result, Chancerygate Asset Management is best placed to work alongside its partners to provide and deliver a bespoke service through a variety of joint venture formats. These formats may be within the UK or through tax efficient off-shore vehicles where we have considerable experience. Chancerygate Asset Management has a proven track record of over £600m of real estate transactions built over the last ten years. Three examples of performance are shown below: Chancerygate Jaguar Fund The active management and realisation of value of a portfolio comprising 55 units, acquired in 2001. Over three years, the fund produced an annualised return of 16.3% against the IPD benchmarks of 9.1% which resulted in the fund being placed in the top 1% of the 234 benchmarked funds for one year and in the first percentile of 205 benchmarked funds over three years.
Chancerygate AA Fund A fund established in 2002 to acquire a portfolio of 35 mixed-use properties. The fund gave an annualised return of 29.3% against the IPD Universe benchmark of 15% resulting in the fund being ranked second out of 143 benchmarked funds and placed in the first percentile.
We arrange innovative funding solutions and ensure strict risk management discipline in all transactions. James Deane MA (Hons) ACA (ICAEW) Finance Director
Retail Warehouse Fund A fund established in 2008 to acquire a portfolio of four prime retail warehouses at a time when many buyers were ‘out of the market’. The opportunity arose at the end of 2009 to take advantage of a market correction and the portfolio was sold giving the investors a net return of 1.6 times on equity invested and an IRR of around 100%.
Chancerygate Asset Management Ltd 35 Hayâ€™s Mews, London W1J 5PY Tel: +44 (0) 20 7657 1850 Fax: +44 (0) 20 7657 1870 Chancerygate (IOM) Ltd 5 Goldie Terrace, Upper Church Street Douglas, Isle of Man IM1 1EB Tel: +44 (0) 1624 618980 Fax: +44 (0) 1624 618981 www.chancerygateassetmanagement.co.uk
Misrepresentation Act The particulars and information contained in this brochure have been produced in good faith, are set out as a general guide and do not constitute the whole or any part of any contract. All liability, in negligence or otherwise, arising from the use of this brochure is hereby excluded. 01/11