Paris, FranceRue de Charonne
This property consisted of 3 contiguous office buildings containing a total of about 5,900 sqm of space. It was built in the 50’s and rehabbed in the 90’s.
It is located on rue de Charonne in central Paris, close to Place de la Bastille, Gare de Lyon and Bercy.
Since 1991, the building has been occupied by the French Customs Authority. At the time of acquisition, rent levels were significantly below market. An attractive purchase price was achieved for the TIGRE advised fund through structuring the office building settlement to close simultaneously with the purchase by a third party of residential units in an adjacent structure owned by the same seller. TIGRE structured the purchase and the simultaneous separation of the office and residential properties.
This building was acquired with the view (i) of signing a new lease with the current tenant at market rent or (ii) if the building were to become vacant, to make a full rehab of the building to create new office or residential space.
The building was purchased for 15,300,000 Euros with 80% of the purchase price provided by debt financing. The building was sold 18 months after the date of acquisition for a sales price that valued the building at the amount of 20,000,000 Euros.
- Location: Paris, France
- Project Type: Office Building
- Size: 5,900 sqm