Compass Portfolio, Stockholm, Sweden


Investment Date
Q4 2015

Exit Date
Q4 2017
(Fully Realised)

Asset type

Revcap strategy
Active Asset Management

Revcap Fund

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
  • 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


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