EPP TIGRE, European Property Partners Société Tigre

This property consisted of two adjacent parcels of land.  A six story office building with 6,141 sqm of space had been constructed in 1994 on one parcel, and the adjacent parcel was approved for construction of a second office building of about equal size.

The site is located in the town of Suresnes, a western suburb of the city of Paris.

Construction was required to commence on the second building no later than 12 months after the date of purchase or a substantial tax liability would have been imposed on the property owner. 

A TIGRE advised fund purchased the property from a French bank consortium that had seized the property from the original developer. TIGRE was able to change the use for the second building site from office to residential and then sell the site to a condo apartment developer.

After TIGRE increased the occupancy of the office building from 84% to 100% and renewed the lease of the lead tenant, the building was sold.

The building and the adjacent parcel were purchased for 9,500,000 Euros with 90% of the purchase price provided by bank financing.

In the 30 months after the date of acquisition, the building and the land parcel were sold for an aggregate sale price of 15,500,000 Euros.