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
