Background and Opportunity
- Purchase of near vacant 6,500m² mixed office and retail property in a good location in central Oslo from an institutional owner holding out for a single tenant
- Revcap’s involvement was contingent on our JV partner securing 50% pre-lets
- The business plan was to extensively renovate the property prior to leasing up on a multi-let basis and holding the end investment
Transaction Progress
- The JV secured c. 60%+ pre-lets and the renovation was commenced
Current Status
- After an opportunistic approach, the investment was sold to a local investor in 2017 at a level materially ahead of underwriting
