Europa Fund IV, managed by Europa Capital, and Addington Capital have acquired Velocity Village, Tenter Street, Sheffield in a joint venture for £36.75 million. Cushman & Wakefield acted for the vendor.
Velocity Village is a modern residential led property comprising 5 adjacent buildings surrounding a number of landscaped courtyards with 444 residential units (73 sold off on long leases and 371 fully let on ASTs) and 38,000 sq. feet of commercial accommodation, together with basement car parking (sold off to the University of Sheffield). The investment is well located in easy reach of Sheffield city centre and the city’s retail, bars and leisure amenities and is a short walk from the University of Sheffield and Sheffield Hallam University’s City Campus.
Hugo Black of Europa Capital said, “This is a great opportunity to acquire a largely PRS “place maker” portfolio that offers occupiers a quality living environment with affordable but modern apartments in a major city centre. The high quality of the apartments makes them attractive to professionals and students wanting a mature living environment. The property’s proximity to the University and Royal Hallamshire Hospital also adds to its popularity.”
Matthew Allen, Principal at Addington Capital said, “This acquisition is a continuation of our strategy of acquiring large residential blocks where we see the potential to add value from a combination of individual flat sales, repositioning and rental growth. There is a demand/supply imbalance in the Sheffield residential market with both house prices and rents expected to increase. On the commercial side there are opportunities to lease the rest of the offices, which currently have 7 separate tenants.”
He added: “This will be the fourth JV between Addington and Europa.”
In November 2014, Addington and Europa acquired 470 married quarter houses just outside the Lakenheath USAF base in Suffolk which they have been refurbishing for sale and rent.For further information, please contact:Gordon Simpson/Elizabeth King, Finsbury: + 44 20 7251 3801
Notes to Editors:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital has collectively raised 9 real estate funds and committed to over 90 transactions totaling some €9.0 billion across 19 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.
Europa Capital is a member of The Rockefeller Group International (“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.
Further information can be found at www.europacapital.com.
Addington Capital was set up in 2010 by Martin Roberts and Matthew Allen, as an independent asset management and investment business. Since inception Addington has completed over £720 million of deals by value and has an established platform in the office, retail and residential sectors. Recent deals include the purchase of the Prospect portfolio of 27 assets with Europa in January and the Retail Plus Property Trust with Och-Ziff Real Estate for £60 million in November 2015. Addington acts as an operating partner and works closely with its partners to create value through active asset management.
Please visit http://www.addingtoncapital