Le Picasso, Nanterre, France

Flag-France

Investment Date
Q3 2016

Exit Date
Q4 2018
(Projected)

Asset type
Office

Revcap strategy
Active Asset Management

Revcap Fund
KHCP IV

Investment Type
Joint Venture Equity

Background and Opportunity

  • Acquisition from a motivated institutional seller of a 40,000m² office property in Nanterre, an established office location next to La Défense in Paris
  • 74% single let property acquired at a yield of 11% with a business plan to re-gear the existing lease; to renovate the property and to lease up the vacancy
  • Working with a long term Revcap partner

Transaction Progress

  • Renovation of public areas, car parks and vacant space under way
  • Re-gear of 74% of space entered into shortly after acquisition
  • Tenant has now taken 100% of the space

Current Status

  • Final renovation to be completed to create institutional product

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