London, 26 October 2018, Europa Capital, the pan- European real estate investment manager and its partner, Addington Capital, have completed the acquisition of a £55 million portfolio of residential properties in London. The portfolio, which was acquired through Europa Capital’s Fund V, consists of mostly Victorian and Edwardian houses and apartment conversions in London and was acquired from private clients of Allsop.
The investment is the third acquisition for the London Affordable Residential platform. The London Affordable Residential platform was established to invest primarily in undersupplied London markets where it sees the opportunity to enhance income and add value through actively managing its portfolio by both selectively refurbishing existing properties, as well as the creation of new supply through residential conversion.
The newly acquired portfolio totals 202 assets including 43 houses and 153 flats. The properties are predominantly freehold, with a mixture of residential tenancy types including assured shorthold tenancies (ASTs) and regulated tenancies.
Hugo Black, Partner at Europa Capital commented, “This acquisition further boosts our London Affordable Residential platform with Addington where we are sourcing well-located homes or residential projects that offer value- creation opportunities and will be delivered into London’s undersupplied residential market. This is our 8th joint venture with Addington and supports our continued drive to invest in the sector.”
Matthew Allen, Principal of Addington Capital said, “Addington continually looks for value-add opportunities in the sector. The second-hand housing market in London is already four years into a price correction. The characteristics of this portfolio: the age, location and type of stock, we think will be resilient in today’s market and offer prospects for an early recovery as we move through the housing cycle.”
Through the London Affordable Residential platform, in February 2018, the partners acquired a mixed-use asset in Hounslow, West London with permitted development rights for conversion into 115 residential units.
Europa Capital was an early institutional mover into residential investment and has invested in or developed over 7,000 bed spaces in PRS and student accommodation in key UK and Continental European locations since 2012.
For Addington, the portfolio will complement its existing residential and PRS portfolio, which it plans to further expand. The owners of the firm recently recruited Erdal Kacar to head its ADDLiving business, its management and leasing platform for residential property.
Addington has acquired over 2,000 residential properties with its partners over the past 6 years.
Tim Theakston of Allsop advised the vendor.
For further information, please contact:
Dido Laurimore/ Richard Sunderland/Tom Gough/ Eve Kirmatzis
Tel: 020 3727 1000
Matthew Allen Karen Roberts
Addington Capital PR Consultant
Tel: +44 (0)207 042 9250 Tel; +44 (0)7917 225383
Notes to Editors:
About Europa Capital:
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 nine real estate funds and committed to over 130 transactions totalling more than €11.0 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 Rockefeller Group International, Inc. (“RGI”), a subsidiary of Mitsubishi Estate Co. Ltd. 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
About Addington Capital:
Addington Capital was set up in 2010 by Martin Roberts and Matthew Allen, as an independent asset management and investment business. Addington has an established platform in the office, retail and residential sectors, acting as an operating partner, working closely with its partners to create value through active asset management.
Please visit www.addingtoncapital.com