Montreuil, FranceRue de la Beaune
This is a six story office building constructed in 1992 with about 12,400 sqm of space.
It is located in the city of Montreuil, situated adjacent to and east of central Paris. The building is near the city hall of Montreuil.
A TIGRE advised fund acquired fee title to 70% of the leasable area in the building in 1999 and to the balance of the building in 2003. The first acquisition occurred at an auction sale following the bankruptcy of the prior owner.
When acquired for about 1,100,000 Euros, the building was 60% vacant. TIGRE subsequently signed leases with major companies and French governmental agencies to fill up the building.
About 18 months after initial acquisition, the property was refinanced with a bank and all original equity capital returned to the investors. The 2003 purchase of the remaining 30% of space in the building was consummated for a price of about 3,650,000 Euros using 100% bank financing, bringing the total bank debt to about 4,500,000 Euros.
The building remains almost fully leased with net operating income of about 1,700,000 Euros and is still owned by same TIGRE advised fund.
- Location: Montreuil, France
- Project Type: Office Building
- Size: 12,400 sqm