Relevant property and Asset Management initiatives
Support of a successful debt restructuring of the asset and helped with repositioning and updating the tenant mix.
- The project failed to establish as a preferred shopping destination
- The project had defaulted on its debt and missed some of its financial targets, and remained undercapitalized
- Higher than average vacancy rate
- Challenging layout, which does not allow for adequate number and size of anchor tenants
- Strong competitionThe asset was undergoing negotiations for an investment sale
- We worked together with the owner and the financial institution to develop the optimal budget targets and a strategy to support, on one hand, the growth and investment plan of the owner, and the other, the financial requirement for the debt restructuring
- We assisted in the efficiency of the dataflow between the owner and the bank by streamlining reporting and operational performance indicators
- We focused on changing and the redevelopment of one of the underground floors
- We supported the owner’s approach to new perspective tenants
- We supported the owner leasing strategy by developing additional optionalities and incentives for the current and perspective clients
- Successfully retained important anchor tenants, i.e. Jumbo, Sport Depot, McDonalds, MatStar and others
- Singed new leases and decreased vacancy
- Increased footfall and turnovers with two-digit numbers for two consecutive years
- Increased collection rate and decreased the balance of non-collected receivables
- Increased NOI with 30%
- Signed up tenants for the prospective big-box retail scheme
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