Qidus, Düsseldorf, Germany

Flag-Germany

Investment Date
Q4 2013

Exit Date
Q1 2017
(Fully realised)

Asset type
Office

Revcap strategy
Light renovation and lease up

Revcap Fund
KCHP II

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

Back to Joint Venture Equity

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