Pascal Towers, La Défense, Paris
Both Pascal office towers in La Défense, Paris’s business district, were purchased from a Saudi Prince. The main tenants for the 70,000 sqm of office space were the French ministry of the environment and SNCF, France’s railway operator. The towers were restructured and the contracts extended for significantly longer maturity. The towers were subsequently sold to a leading US investment bank.
Sheraton Grand, Milan
Acquisition of a 35,000 sqm hotel in Milan from a large Italian financial institution in the context of a bankruptcy procedure. The 315 room Sheraton hotel was completely restructured over a three-year period and rebranded as a Sheraton, a brand of Marriott International, Inc.
Golden Visa Apartments, Madrid
A total of four buildings representing approximately 4,800 sqm were restructured or entirely rebuilt into 36 luxury apartments in the immediate vicinity of the Plaza Major. All apartments were sold to Asian investors as part of the Spanish golden visa program.
Ericsson Headquarters, Roma
10 buildings in the outskirts of Rome representing more than 10,000 sqm of office space were purchased from a group of Italian investors. The building housed Ericsson’s Headquarters for southern Europe. The contract was extended for a much longer duration, a large part of the land was rezoned for residential use generating substantial value. The property was then sold to a large Italian institutional investor.