Le Picasso, Nanterre, France

Flag-France

Investment Date
Q3 2016

Exit Date
Q2 2018

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 completed
  • Re-gear of 74% of space entered into shortly after acquisition
  • Tenant ended up taking 100% of the space following two further re-gears

Current Status

  • Asset sold to institutional investors in June 2016 to generate a post tax IRR to KHCP IV of 54% and a 2.3x equity multiple

SIMILAR INVESTMENTS

  • Compass Portfolio, Stockholm, Sweden
  • Bread Factory, Helsinki, Finland
  • Tour Solad, Paris, France
  • L’Hippodrome, Toulouse, France