Debt restructuring
and repositioning of
a light industrial portfolio

- Portfolio of 23 light industrial properties totaling 80,273 m2 and leased to a single tenant.
- The portfolio income was secured for a relatively short period with 30% of annual income expiring within 7 months after closing of the transaction.
- The portfolio was financed by a defaulted senior loan with a 100%+ LTV.
➞ In a consensual transaction with the owner and the lenders, members of the Celes team took over the equity and management of the portfolio.
➞ Within 2.5 years, 15 non-core assets were sold and the senior loan LTV was reduced to 53%.
➞ New long term leases were negotiated with the tenant before the execution of a capex program and a sale of the core portfolio.
Acquisition
and repositioning of
an office property

- Acquisition of a 33,800 m2 office property with an 80% occupancy rate and no leasing activity in the two-year period prior to acquisition.
- The property is located in a submarket North of Paris which had a 20% vacancy rate at acquisition.
➞ A capex program focused on new tenant amenities – including a new co-working and catered lounge area – was implemented.
➞ Within 13 months, new leases (for a total of 6,300 m2) were negotiated at a higher economic rent than previously achieved on existing leases.
➞ The property was fully let and its WALB extended before it was sold to an institutional investor.
Acquisition
and repositioning of
an office / light industrial property

- Acquisition of a 8,142 m2 office and light industrial property with a 57% occupancy rate.
- The property is located in a submarket North West of Paris going through significant gentrification with the extension of the Paris Metro line 14.
➞ Celes identified the opportunity to significantly improve the specifications of the property while offering competitive rent levels.
➞ Celes prepared refurbishment plans and leasing strategy while completing its due diligence of the property.
➞ After getting an unsolicited approach, the sale of the property to an owner-occupier was negotiated.

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