Europa Fund IV and Ediston Real Estate have acquired a significant office investment at Cathedral Hill, Guildford. The purchase price reflects a net initial yield of 8.05%.
Buildings 1000 and 2000, Cathedral Hill comprise 120,460 sq. feet of good quality office accommodation. Built in 2001, the property is located adjacent to Guildford Business Park and prominently fronts the A3 dual carriageway. The Property is currently let to Avaya on co-terminus leases expiring in August 2016. Sub-tenants within the property include Coutts, RBS and Enstar Group. The property was sold by M&G Real Estate.
Robert Sim, Partner at Europa Capital commented, “The investment provides an opportunity for Europa Capital to acquire well specified offices in a popular location. Furthermore, there is likely to be an opportunity to improve the accommodation, which should result in the creation of an institutional grade office investment.”
Andy McKinlay , Director at Ediston Real Estate added, “The purchase of this South East investment is the fifteenth property we have acquired within our joint venture vehicles with Europa Capital and comes on the back of the success in acquiring, refurbishing and selling similar assets in regional locations over the past five years. We are delighted to have the continued backing of Europa Capital in the execution of our strategy, which is to buy well located assets with value add potential.”
For further information, please contact: Gordon Simpson/Elizabeth King, Finsbury PR: + 44 20 7251 3801
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 raised eight real estate funds and committed to over 90 transactions totalling some €9.0 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.