Europa Capital has sold a portfolio of five UK assets to a REIT sponsored by Canaccord Genuity, for £76.7 million, reflecting a net initial yield of 7.17%.
The portfolio comprises of an office building on Morrison Street in Edinburgh (26,000 sq. feet), an office building on Station Hill in Reading (51,000 sq. feet), a Retail Park in Rhyl (81,000 sq. feet), an office building on Cutler’s Gate in Sheffield (64,000 sq. feet) and an office building on Temple Row in Birmingham (97,000 sq. feet). The assets were acquired over a four year period by Europa Capital’s Fund III. The business plans for the properties had been executed and the buoyant regional investment market provided an excellent opportunity for exit.
Rob Sim, Head of Northern Europe at Europa Capital, said: “We are very pleased with the sale and with the success of our partnership with Ediston. The focus has been on purchasing and actively asset managing predominately regional assets, to create long term income that would attract institutional investors. We are implementing our business plans on the remaining assets in the portfolio.”
Allsops acted for 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.