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THESE PROPERTIES WERE THE RUMP OF THE MORRISONS LOCAL LEASES AND, ALTHOUGH THEY WERE MOSTLY IN ADMINISTRATION, MOST WERE SUBJECT TO MORRISONS PARENT COMPANY GUARANTEES.

SPS managed to extricate all the leases out of administration and rapidly worked out this portfolio primarily by sub-letting and/or surrendering the leases. Over 18 months, including the pandemic impact through most of 2020, SPS reduced the liability of this portfolio by 80%.

TRANSACTION COMPLETED JUNE 2019

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