K3 Theaterforum, Heilbronn, Germany

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Investment Date
Q3 2014

Exit Date
Q1 2017
(Fully realised)

Asset type
Mixed use

Revcap strategy
Asset repositioning

Revcap Fund
KCHP II

Investment Type
Joint Venture Equity

Background and Opportunity

  • 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

Back to Joint Venture Equity

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