Sénart 2, Combs-la-Ville, Paris
Sénart 2 is a 7,418 sq m mixed use asset comprising office and industrial space, located in the town of Combs-la-Ville, 37 km south of Paris.
The asset formed part of the Cromwell European Diversified Fund which invests in Core Plus / Value Add assets in France, Germany and the UK.
Sénart 2 was part of the Crystal Portfolio of four mispriced assets which were purchased by the Fund in February 2016. At the time of acquisition, the Sénart 2 was suffering from a high vacancy rate of 29% and was identified immediately as being non-strategic. The business plan was to dispose of the asset as soon as possible after completion.
Nine months after the acquisition, the French investment Management team successfully executed the business plan, completing the sale of the asset and achieving an IRR of excess of 15%.