Repositioning Mixed Use Asset, Mainz Region
The Challenge
- Mixed-use building complex in the region of Main
- Uses comprising vacant hotel, distressed supermarket, flat and medical practice
- Non-performing creditor
The Mandate
- To secure operation of asset
- To manage asset for sale
- To develop a business plan for the respective problem areas
- To execute the business plan with the aim to limit the damage on disposal
The Results
- Achieved full occupancy of hotel rooms as furnished apartments
- Former conference area leased as a photo studio
- Former caretaker’s flat leased to regular tenant
- After eviction of supermarket tenant plan for subdivision into 3-4 smaller and more lettable units was drawn up
- Sale with only partial occupancy clearly exceeded all vendor expectations
