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Acquisition from an institutional seller of two Greater Stockholm retail properties totalling 33,000m² which were secured by organising a sub-sale of two larger assets that were felt to be too dry for an opportunistic strategy
Business plan: lease up vacancy; reconfigure and re-gear leases; develop small bolt on extensions; re-organise the service charge regime and improve sight lines
Transaction Progress
Lease up, reconfiguration and service charge optimisation proceeded ahead of plan, adding 20% to the NOI
Current Status
One asset has been sold to an institutional buyer
The second asset was sold in a tax efficient exit to our JV partner, generating an IRR of 88% and a 2.2x multiple to the Revcap fund’s investors