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Built in 2000, Revcap provided preferred equity and JV equity to acquire a 24,400m² mixed use, city centre property in Heilbronn, that was 94% let upon acquisition
47% occupied by the City Council for municipal uses (library and theatre uses) with the balance of the income from retail, office, leisure and car parking
The property was acquired from a work out department who had been managing the asset for a number of years
Business plan was to carry out a light refurbishment, to re-gear leases and to lease up the vacant space to create an institutional product
Transaction Progress
Main tenant’s lease re-geared until 2040
Offices re-let on a long term basis
Retail re-positioning under way
Current Status
Property sold to an institutional investor in Q1 2017
JV has been retained by the buyer to realise further asset management initiatives at the property in return for additional consideration