Exit #40: Rolle
Location: Switzerland, Rolle
Asset Sub Class: Office
Strategy: Joint Venture – development
Mansford provided a forward financing commitment to purchase a prime 343,000 square foot office development outside of Rolle. The development was strategically located on the main Geneva-Lausanne motorway and benefitted from substantial site specific occupier tax breaks. The project comprised seven institutional grade office buildings facing Lake Geneva. The project was structured by Mansford to strongly mitigate against letting and construction risk to the funds investors.
Mansford worked closely with the management team to help secure key pre-lettings by demonstrating that a substantial investment group was behind the development. The project was fully leased to investment grade tenants on long triple net leases, including: Nissan, Honeywell, Intel, Yahoo, Cardinal and Chiquita. The investment was exited to produce an IRR of 784% and a multiple on invested equity of 35.1x.