# ------------------------------------------------------------------------------------
# Scenario: VALUE-ADDED — Île-de-France inner ring (multi-tenant repositioning, >5,000 sqm)
# Asset: 1970s/1980s office asset in the inner ring, functional obsolescence but good accessibility.
# Strategy: phased refurbishment and re-leasing, front-loaded capex and leasing incentives.
# Horizon: 8 years, purchase in 2025.
# Financial stance: higher leverage/cost of equity, but without aggressive exit-yield compression.
# ------------------------------------------------------------------------------------
purchase_year: 2025
horizon_years: 8
index_rate: 0.012
entry_yield: 0.075
acq_cost_rate: 0.060
exit_yield_spread_bps: 0
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: 0.085
  KD: 0.035
opex_sqm: 50
ltv_init: 0.7
rate_annual: 0.03
extra_amort_pct: 0.00
scr_ratio: 0.35
leasing_cost_pct: 0.08
leases:
  - unit: "U1"
    area: 2000
    events:
      - {start: 2025, end: 2026, rent: 140, free_months: 0, capex_sqm: 250, vac: 0.8, new_lease: 0}
      - {start: 2027, end: 2032, rent: 250, free_months: 3, capex_sqm: 150,  vac: 0.15, new_lease: 1}
  - unit: "U2"
    area: 2000
    events:
      - {start: 2025, end: 2026, rent: 140, free_months: 0, capex_sqm: 250, vac: 0.8, new_lease: 0}
      - {start: 2027, end: 2032, rent: 250, free_months: 3, capex_sqm: 150,  vac: 0.2, new_lease: 1}
stabilization_year: 3
hurdle_equity_irr: 0.13
hurdle_project_irr: 0.08
hurdle_equity_npv: 0
