Qidus, Düsseldorf, Germany

Background and Opportunity

• Bank driven property sale of 19,150m² suburban office asset in Düsseldorf, that was 80% let upon acquisition
• Asset had not seen investment since before the financial crisis as the owner’s equity was out of the money
• Business plan was to renovate the property, to lease up the vacancy and to extend lease terms

Transaction Progress

• Renovation successfully executed
• Property fully let at a rent ahead of underwriting

Current Status

• Property sold to an institutional investor in 2017 at a price considerably ahead of underwriting
• JV generated a 30%+ IRR on equity and a 2.4x equity multiple