Europa Capital and Ediston Real Estate have sold their Pinesgate office investment, comprising two office buildings in Bath to Watkin Jones & Son.
Pinesgate East and Pinesgate West are 1980’s office buildings located on Lower Bristol Road, Bath. The buildings total 63,907 sq. feet and are currently leased to Redde Plc until 2025.
In May 2016 Europa Capital and Ediston Real Estate secured planning consent for the demolition of the existing office buildings and the construction of a new Grade A office building totalling 112,000 sq. feet and a separate educational campus of 177,000 sq. feet, comprising an academic and student accommodation facility. In August 2017, the student facility was pre-leased to an international college for a term of 21 years.
Commenting on the transaction, James Brodie, Director at Europa Capital, said: “Pinesgate is an excellent example of Europa Capital investing in an asset which benefited from strong income, whilst adding value through obtaining a planning consent for a new office and college facility. Furthermore a 21-year pre-lease had been secured for the student facility which significantly de-risked the development.”
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 128 transactions totalling more than €10.9 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