EPP TIGRE, European Property Partners Société Tigre

This property consisted of 110,000 sqm (ll hectares or 27.2 acres) of land with 12 office and industrial buildings on the site that contained about 29,000 sqm of space. 

It is located in the town of Bezons, about 7 km. northwest of Paris and about 5 km. northwest of La Defense, the largest office park in Europe.

The property was purchased by a TIGRE advised fund from a French multinational corporation disposing of surplus real property.

TIGRE developed plans to demolish 4 of the 12 buildings on the site and working with zoning authorities obtained approval to develop over 100,000 sqm of additional buildings on the site. In the remaining buildings TIGRE signed new leases to bring the occupancy level up to 95%, renovating buildings when required and relocating tenants to more appropriate space.

TIGRE worked with French environmental agencies to eliminate environmental problems on the site. The property was purchased in 1998 for a price of 8,000,000 Euros, with 76% of the purchase price provided by bank financing.

To date three separate land sales have resulted in over 90,000 sqm of new buildings being constructed on the sites that were sold. The remaining occupied buildings on the site have annual net operating income of 2,160,000 Euros.