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 and a 2.4x equity multiple
Back to Joint Venture Equity
