Private real estate
In August 2017, we invested in a joint venture to develop over 1,700 residential apartments in the Greater Stockholm area, on behalf of our clients. The project comprises three separate residential developments, Tellus Towers, Järla Station and Metronomen, all located within a 15-minute train ride from central Stockholm.
Once fully completed, the developments will provide small, but fully-functional residential units at an affordable price. Completion of the three developments is anticipated between 2019 and 2021.
In July 2017, we acquired CB16 Tower, an office building in the La Défense business district of Paris, on behalf of our clients. CB16 Tower is a 28-story building with a total floor area of 30,000 square meters and excellent public transport links to the Great Paris area. Constructed in 1971, the building underwent a complete renovation in 2003 to provide an efficient, modern, high-standard property with green certification.
We have partnered with a local operator to actively manage the property on behalf of existing and future tenants and are currently working on a value-added business plan including renovation in order to improve the property's occupancy.
In June 2016, we acquired a portfolio of seven retail, mixed-use and development property assets in the US on behalf of our clients. The portfolio includes retail centers in California and North Carolina totaling 1,032,000 square feet of lettable area, and large-scale mixed-use waterfront development projects in Washington DC and Asbury Park, New Jersey.
Our investment was made via a secondary transaction involving the restructuring of an existing mature fund. The value creation strategy for the assets focuses on active portfolio management and the completion of renovation and development plans.
In May 2016, we acquired Bank of America Plaza, a Class A office tower located at 414 Union Street in the heart of Nashville's Central Business District, on behalf of our clients. The 20-story, 435,500 square foot office tower provides immediate access to the Tennessee State Capitol and Supreme Court, as well as to a number of downtown amenities and entertainment venues.
We are currently executing a value-added business plan to bring the property's occupancy level to capacity, while maintaining the well-diversified tenant mix of manufacturing, financial services, and information technology companies.
In September 2015, we acquired a 32-hectare industrial site in Yennora, in the west of Sydney, on behalf of our clients. The site, which is 24 km from Sydney's central business district, is ideally located for a return to active industrial use given its proximity to a major intermodal container terminal and a residential train station.
With our partner Logos Property Group, we plan to revitalize the Yennora site and bring it back to full occupancy by leasing or selling off the existing buildings, developing new industrial buildings and sub-dividing the remaining property into smaller lots ranging from 2,000-6,000 square meters.