Europa Capital engaged in transactional activity of €1 billion in 2013, including disposals worth €630 million. The sale of Caledonian House completes a busy and successful year of asset disposals and acquisitions through which the company continued to maximise portfolio returns for its Fund investors.
Europa Capital’s Europa Fund III, which closed to investors in 2008, having secured commitments of €731 million ($1.0bn), is now substantially progressing its divestment strategy.
The most recent disposals include the sale of 370,000 sq. metres (4 million sq ft) of UK light industrial property to M&G Real Estate (formerly Prudential Assurance) for €170 million, a 10,500 sq. metre logistics unit in Southern England with a 25 year government lease sold for €15.4 million, reflecting a competitive low yield of 4.7%; and the sale of Forum Steglitz shopping centre in central Berlin to a German fund. Europa Capital with its partners has also agreed terms to sell its new 58,000 sq. metre (624,300 sq ft) shopping centre in Poland, which opened in October.
Key deals this year have included:
May 2013: Acquisition of Two Roundwood Avenue, Stockley Park, an office building from Phoenix Life Assurance with Cordatus Real Estate
July 2013: Acquisition of Tour Vista, a high rise office investment in Puteaux, Paris, from TMW Weltfonds, a fund managed by Pramerica Real Estate Investors
October 2013: Acquisition of a 32,000 sq m warehouse facility with 150,000 sq m of adjacent development land in Prague, Czech Republic from Billa Reality
December 2013: Acquisition of Cubus office building and the INNSIDE by Melia Hotel in Düsseldorf, Germany from KanAm Group
The company has also completed 135,000 sq m of lettings over the year.
Rob Sim, Partner at Europa Capital said:
“This has been a busy year for Europa and we look forward to an equally productive 2014, investing in an environment which we judge to be conducive to value creation for active managers of real estate.”
For further information, please contact:Gordon Simpson/Charlotte Whitley/Claire Scicluna, RLM Finsbury: + 44 (0)20 7251 3801
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.