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