Background and Opportunity
- Acquisition of a fully occupied multi-let building in the 12th arrondissement of Paris on the right bank of the River Seine
- Business plan is to conduct a phased refurbishment as space becomes available while continuing to receive income throughout, and to re-lease and improve net operating income
Transaction Progress
- Business plan is on track with more lease extensions than expected
- Active tenant engagement on future requirements
Current Status
- One tenant has signed a new long-term lease ahead of underwriting, and some tenants have requested short term extensions
- The asset remains 100% occupied and timelines have been updated for the refurb, regear and re-lease programme
