neo FRA was a Grade A single-let office asset in Eschborn, Frankfurt. The building was pre-leased on a 10-year term to SAP (the market leader in enterprise software applications) which provided an extremely secure cash-flow profile to our investors. Additionally, during our hold period, the Eschborn submarket proved its resilience and saw occupancies rise vis-à-vis significant rental growth momentum. neo capital exited the investment in 2020, selling the asset to a long-term institutional owner which enabled us to realize strong returns for our investors that outperformed the asset’s initial underwriting.