Compass Portfolio, Stockholm, Sweden

Flag-Sweden

Investment Date
Q4 2015

Exit Date
Q4 2017
(Fully realised)

Asset type
Retail

Revcap strategy
Active Asset Management

Revcap Fund
KHCP III

Investment Type
Joint Venture Equity

Background and Opportunity

  • 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
  • All of the JV’s equity has been returned across both properties
  • Asset management initiatives are continuing on the second asset which is now 100% let

SIMILAR INVESTMENTS

  • Etaget, Kungsholmen, Stockholm, Sweden
  • Bread Factory, Helsinki, Finland
  • Tour Solad, Paris, France
  • Le Picasso, Nanterre, France