Qidus, Düsseldorf, Germany


Investment Date
Q4 2013

Exit Date
Q1 2017
(Fully Realised)

Asset type

Revcap strategy
Light renovation and lease up

Revcap Fund

Investment Type
Joint Venture Equity

Background and Opportunity

  • Bank forced property sale of 19,150m² suburban office asset in Düsseldorf, that was 80% let upon acquisition
  • Asset had not seen investment since before the financial crisis as the owner’s equity was out of the money
  • Business plan was to renovate the property, to lease up the vacancy and to extend lease terms

Transaction Progress

  • Renovation successfully executed
  • Property fully let at a rent ahead of underwriting

Current Status

  • Property sold to an institutional investor in Q1 2017 at a price considerably ahead of underwriting
  • JV generated a 30%+ IRR on equity and a 2.4x equity multiple

Back to Joint Venture Equity


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