The Equinox Portfolio was Cromwell’s first joint venture with US private equity partner, Angelo, Gordon & Co in 2014. The mandate comprised the acquisition of a portfolio of nine office buildings, totalling 50,198 sq m, in the Randstad and Groningen conurbations.
With a 20% vacancy and three year weighted average lease expiry across the portfolio at the time of acquisition, a strategy was put in place to comprehensively reposition the assets which were under-managed and under-capitalised. This required a bottom-up approach, to better understand the tenants’ needs, in order to satisfy and retain the existing tenants.
At certain assets, transformational building works were identified to reinvent and change the market perception of the asset amongst occupiers and agents. Supplier contracts were also restructured with the implementation of a best-in-class management model across the portfolio