Tour Solad, Paris, France
Background and Opportunity
- 14 storey office tower in Puteaux, adjacent to La Défense, Paris’ principal business district, acquired with a vacancy rate of 30%
- The 12,663m² property was held in a dysfunctional co-ownership structure with multiple owners meaning little had been done to enhance or improve the overall asset
- The JV’s business plan was to renovate the vacant space, façade and public areas to facilitate lease up and to return the property towards market rents
Transaction Progress
- 100% ownership simultaneously acquired from three different sellers
- Lease up commenced at levels materially ahead of underwriting
- Two vacant floors were stripped back and renovated and options for an extensive refurbishment were prepared
Current Status
- Asset sold to our JV partner at a level materially above underwriting, generating a post tax IRR of 35% and a 2.7x multiple
