In 2015, Rynda Property Investors LLP sourced and co-invested with Starwood Global Opportunity Fund X (SOF X) in the Luxembourg market and acquired two Class A office buildings for a gross headline price of €120 million.
Vertigo comprises 26,295 square metres across two buildings, totalling 24,309 square metres of office space and 1,986 square metres of archives, 194 parking spaces and a zoned land plot which could accommodate up to 3,000 square metres of further office space. The asset was 83% occupied by highly credit-worthy tenants with a WAULT to first break of 4.3 years.
- Highly specified, Grade A, prime office buildings completed in 2010
- Rainwater recycling and heat recovery systems
- Glass and natural stone façades
- Ceiling height of 2.7 metres
- Excellent underground car parking provision
Rynda identified an opportunity to let up vacant space in the property, maximise the operating yield and realise development value on additional land.
In 2017, after successfully executing every aspect of the business plan, the property was sold for approximately €178 million, providing an investor IRR of 56% and an equity multiple of x 2.0.