Europa Capital LLP, the fund manager of Europa Fund IV, is pleased to announce that it has entered into a joint venture partnership with Ediston Real Estate and has completed the purchase of Pasteur Retail Park, Great Yarmouth.
Pasteur Retail Park was purchased from a company managed by London & Capital for £20.6 million and comprises 122,000 square feet of retail warehouse space. Tenants include B&Q (a national Do-it-Yourself retailer), Home Bargains (a discount retailer), Pets at Home (a national pet store) and Argos (a national home-ware and electrical goods store) with one vacant unit.
The second joint venture between a Europa Capital managed fund and Ediston Real Estate has been established in order to acquire a portfolio of retail warehouse and office properties in the UK, with the intention of enhancing value through asset management initiatives. The Partnership is looking to invest an additional £95 million of capital.
Robert Sim, Partner and Head of Northern Europe at Europa Capital, said, “Pasteur Retail Park is the first acquisition of the new Joint Venture with Ediston Real Estate. We are delighted with this quality asset which provides solid income and a number of asset management opportunities. Ediston are an experienced partner with whom we can create value through selective purchases and active asset management.”
Danny O’Neill, the founding partner of Ediston Real Estate, commented that, “discussions are under way regarding the letting of the vacant unit, with an exciting retailer. There are a number of other interesting asset management initiatives which are being considered which will help drive returns”.
Europa Capital and Ediston Real Estate were represented by Stockford Staunton and Morgan Williams. London & Capital were represented by Wilkinson Williams.
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’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.