EPP TIGRE, European Property Partners Société Tigre

This property was a six story building built in the 1890’s that contained 4,800 sqm of commerical space, art galleries and rented apartments.

The property is located in a highly desirable residential area of Paris called Le Marais.

This acquisition by a TIGRE advised fund was closed in 2004 with the plan to convert the property to condominium status and then sell the commercial space and art galleries to users and the apartments to existing tenants or outside buyers. Elevators were added to the formerly walk up building, and the common areas were renovated.

After the condo plans were prepared and presented to the tenants, litigation resulted, and a settlement was reached with the City of Paris to have some of the apartments purchased by the City at a discounted price.  Today, all of the commercial space, the art galleries and all but one apartment have been sold. 

Due to the litigation, this project proved much less profitable that orginally projected.  The investors did however realize a full return of their capital and a 10% internal rate of return.