Europa Capital LLP, the general partner of Europa Fund III, is pleased to announce the sale of a portfolio of 8 multi-let flexible business space assets, predominately located in the South East of England, to Bridges Ventures.
The portfolio accommodates a wide range of uses split between industrial (64%), office (18%) and workshop (18%). The portfolio was acquired in July 2011 for a net initial yield of 10.53% from the loan servicing arm of Barclays Capital. Occupancy levels were 68% at acquisition and had reached 90% at the point of sale. The portfolio provided for 355 customers on approximately 394 tenancy agreements across 517 units. The sale reflected a net initial yield of 8.8%.
Rob Sim, Head of Northern Europe at Europa Capital, said “We are very pleased with the sale. The focus has been on actively asset managing the Flexspace assets to create an improved quality of income that would attract institutional investors.”
Savills acted for Europa Capital on the sale.
For further information/photographs, please contact: Gordon Simpson, Finsbury PR +44 20 7251 3801 Alex Druttman, Europa Capital Partners +44 20 7881 6800
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 eight real estate funds and committed to over 90 transactions totalling some €9.0 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.