Key Statistics

Initial investment

August 2004

Exit Date

July 2006

Revcap Equity Invested

SEK 10 million

Case Study: JV Equity – Posthornet Building, Stockholm

Business Plan (at inception)

Acquisition in joint venture with Oscar Properties of a 6,500m² office building in central Stockholm with a plan to obtain vacant possession and convert into 70 apartments and two floors of offices. Residential units were planned to be sold into a tenants’ owners association. Total acquisition price of SEK 134 million and renovation budget of SEK 82 million.

Business Plan Outturn

Vacant possession secured within anticipated budget and timeframes. Building permits obtained for the conversion and creation of duplexes on the roof space. All residential units were sold off plan at levels above underwriting which more than offset slight cost increases due to a short building permit related delay and enhancements to the specification of the residential units.

Revcap Commentary

Good outturn in comparison with business plan. Revcap achieved a tax efficient exit through sale of the shares in the SPV.