# ------------------------------------------------------------------------------------
# Scenario: OPPORTUNISTIC — Rueil-Malmaison (light refurbishment & exit, ~5,500 sqm)
# Asset: largely vacant 1990s office in [[Rueil-Malmaison]], deferred maintenance, functional mismatch.
# Strategy: light renovation, accelerated leasing to stabilise, then sale into a still-demanding market.
# Horizon: 6 years, purchase in 2025.
# Financial stance: high leverage, higher debt cost, and no heroic exit compression.
# ------------------------------------------------------------------------------------
purchase_year: 2025
horizon_years: 6
index_rate: 0.012
entry_yield: 0.08
acq_cost_rate: 0.060
exit_yield_spread_bps: 50
exit_transaction_costs:
  brokerage: 0.01
  taxes: 0.00
ltv_base: "price_di"
capitalized_fees: true
arrangement_fee_pct: 0.00
disc_method: "wacc"
disc_rate_wacc:
  KE: 0.150
  KD: 0.035
opex_sqm: 30
ltv_init: 0.8
rate_annual: 0.04
extra_amort_pct: 0.00
scr_ratio: 0.35
leasing_cost_pct: 0.15
leases:
  - unit: "Wing A"
    area: 2500
    events:
      - {start: 2025, end: 2025, rent: 120, free_months: 0, capex_sqm: 250, vac: 0.85, new_lease: 0}
      - {start: 2026, end: 2029, rent: 200, free_months: 1, capex_sqm: 0,  vac: 0.1, new_lease: 1}
  - unit: "Wing B"
    area: 2500
    events:
      - {start: 2025, end: 2025, rent: 120, free_months: 0, capex_sqm: 250, vac: 0.85, new_lease: 0}
      - {start: 2026, end: 2029, rent: 200, free_months: 1, capex_sqm: 0,  vac: 0.1, new_lease: 1}
stabilization_year: 2
hurdle_equity_irr: 0.17
hurdle_project_irr: 0.12
hurdle_equity_npv: 0
