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