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The Challenge

In 2007 a combination of AIG and Breevast acquired the so called Tasman Portfolio from MPC. As both investors did not have a team on the care of the portfolio they appointed BNPP RE as their Fund, ground to take Asset & Property manager. The portfolio consisted of 101 office buildings, mainly on secondary and tertiary locations facing a high vacancy rate. The challenge for BNPP RE was to optimize the portfolio with limited resources. After optimizing the assets BNPP RE had to sell the portfolio asset by asset.

The Solution

BNPP RE conducted a business plan per asset and started to lease up the portfolio using creative and new measures. After 5 years of optimization BNPP RE was allowed to sell the portfolio asset by asset on or above certain book values. Over the next 5 years BNPP RE leased up every asset and sold it to an end investor or prepared the asset for a redevelopment and sold it to a (re)developer being local & (inter)national players.

Tasman Portfolio

  • 110

    Assets

  • 40

    Transactions

  • 5

    Years

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