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
