– Second core long income transaction boosts strategy to invest €500 million –
Europa Capital, the pan-European real estate investment manager, has completed the acquisition of Imagine, a multi-let office building in Neuilly, Paris in France from Officiis Properties. This is the second acquisition for Europa Capital’s core long term income investment strategy, which is seeded with capital from its principal shareholder, Mitsubishi Estate.
The asset, which comprises a gross lettable area of 7,980 sq m, is 95% let to 14 tenants and has recently undergone a full renovation. The property forms part of a three office campus on the Île de la Jatte, which is located in Neuilly-sur-Seine, an established and attractive office district between the Paris CBD and La Défense. The property will be managed by Europa Capital’s recently launched Paris office, headed by Partner, Andy Watson.
This transaction follows the acquisition of a multi-let office building in Munich, Germany, where Europa Capital has increased occupancy from 90% to 100% in 15 months since acquisition. The combined Munich and Paris transactions take the total investment for Europa Capital’s long-term income investment strategy, which by 2020 has an investment target of €500 million, to over €140 million with further acquisitions in advanced due diligence. In the short term, office, logistics and residential property assets are likely to be the main focus of the investment strategy, which is targeted at institutional investors from Europe, Asia and the Americas.
Andy Watson, Partner at Europa Capital, commented: “The multi-let office properties we have acquired in Munich and Paris are aligned with our strategy to capture future income growth in supply limited locations. We are targeting institutional grade buildings with long term investment liquidity in core sectors in the main Eurozone markets of France, Germany and the Netherlands.”
James Farmer, Transaction Director at Europa Capital for Core Products commented: “The Imagine building is a high quality asset in a unique location which will offer our investors long term sustainable income whilst offering good short to medium term income growth prospects. We are targeting further investments across the office, industrial and residential sectors.”
Europa Capital was advised by Wargny Katz and Dentons.
For further information, please contact:
Dido Laurimore/ Richard Sunderland/Tom Gough/ Eve Kirmatzis
FTI Consulting
Tel: 020 3727 1000
EuropaCapital@fticonsulting.com
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
