Our portfolio acquisition of 22 industrial estates in December 2018 completed a successful year for us, particularly as strong competition made finding value in the industrial sector increasingly challenging. Our patient, disciplined approach saw us review and bid on a number of estates throughout the year but our ability to act decisively and acquire on tight timelines led to the successful acquisition of this portfolio. The portfolio was acquired in just four weeks utilising a mix of cash and our revolving credit facility (RCF) giving us time to put senior debt in place post acquisition and sell Euston House, the proceeds from which would partially fund this acquisition.
"Our patient, disciplined approach saw us review and bid on a number of estates throughout the year but our ability to act decisively and acquire on tight timelines led to the successful acquisition of this portfolio."
The RCF provided by Investec continues to play an important role in allowing us to minimise cash drag during this transitionary phase of the business while also providing an ability to acquire portfolios quickly. The RCF drawn at acquisition has already been partially repaid through refinancing the portfolio with a 40% LTV, 5-year senior debt facility provided by Lloyds Bank, with the remainder to be repaid once the sale of Euston House completes. This ability to recycle cash quickly and effectively enables us to maintain an attractive dividend yield for our Investors.
We are confident that there will be further opportunities to acquire both single estates and portfolios across 2019 in line with our strategy.