Europa Capital, London, and PBG Frankfurt, are pleased to announce the extension of the lease to Adecco, the world’s leading provider of HR Solutions, for 6,137 sq. metres in their ‘Cubus’ office investment in Düsseldorf. This early agreement to extend their lease means Adecco remains the largest tenant in Cubus.
Europa Capital purchased the architecturally-striking property in November 2013 in Europa Fund IV, since which time it has, with the support of P.B.G., successfully pursued its asset management strategy.
The building provides 16,800 sq. metres of office space, arranged over 12 floors around an imposing atrium and enclosed within a freestanding glass façade.
A number of other prominent new tenants, including YKK, lawyers CLP, and Fischer HRM, have been added to the tenant line-up, while further existing tenants have extended their leases.
Furthermore, Europa Capital has implemented the concept designed by P.B.G. for the enhancement of the sustainability rating to achieve DGNB GOLD pre-certification.
The cooperation between Europa Capital and P.B.G began as far back as 1999 since which time the partnership has executed over €500 million of successful investments in Germany.
Commenting on the transaction, Nic Fox, Partner and Head of Europa Capital’s Middle Europe Region, said: “We are pleased to have retained Adecco as our anchor tenant for another six years. Through the combination of new lettings and lease extensions, we have been able to significantly improve the income profile since acquisition to realise value enhancement for our investors.”
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 raised 8 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.
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.
P.B.G has been active as both developer and investor in the German market for 20 years.
P.B.G has over this period realised some €2 billion of transactions, acting as co-investor and joint venture partner to international investment partners.
Further information can be found at: www.pbgm.de
For further information, please contact:Gordon Simpson, Finsbury PR +44 20 7251 3801