During 2016, Europa Capital managed over 15,000 sq metres of lease transactions across the office markets in Warsaw, Prague and Budapest. This in turn generated additional headline rental income of circa €1.9 million per annum across the portfolio and included the introduction of well-known tenant names such as BGZ BNP Paribas, Halliburton, Carrier and Otis.
As well as strong leasing activity, extensive refurbishments were completed on its three Budapest office buildings with BREEAM ’Very Good’ certification being awarded for the Kalvin Square and CityZen buildings. A refurbishment of the Hadovka Office Park in Prague was also initiated and is expected to complete early in 2017 with BREEAM ‘Excellent’ certification being achieved.
Eiffel Square office building in Budapest was sold for over €60 million, setting a new benchmark yield of 7.00% and the high quality Plac Malachowskiego office building was acquired in Warsaw for an undisclosed price.
In conclusion to the year, Europa Capital successfully refinanced its Spektrum Tower office project in Warsaw and its Budapest office portfolio, which is confirmation from the finance community of the quality of these investments.
The 2016 achievements culminated in Europa Capital winning four categories at the Central and Eastern European Investment Awards, namely; Investor of the Year; Investment Asset Management Firm of the Year; Value Add/Core+ Investor of the Year and Investment Deal of the Year.
Robert Martin, Principal and Head of Central Europe at Europa Capital, commented: “Europa has continued to execute its successful acquisition, value add management and disposal strategy across the central European region delivering strong returns to our investors.”
For further information, please contact:
Gordon Simpson/Elizabeth King, Finsbury: + 44 20 7251 3801
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 9 real estate funds and committed to over 105 transactions totalling more than €9.5 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”). 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