Europa Capital LLP, the general partner of Europa Fund IV, together with its local partner, P.B.G GmbH Frankfurt, have sold the Cubus Office building in Dusseldorf-Seestern, Germany to PGIM Real Estate, the real estate investment management business of PGIM, the global investment management businesses of Prudential Financial, Inc*(PFI) (NYSE: PRU),
Europa Capital acquired the 16,800 square metre office building together with the adjacent Innside Hotel in 2013. Following a programme of refurbishment and implementation of energy-saving measures Cubus is fully let to 16 tenants. In addition to attracting several new occupiers to the property, the lease agreement with the anchor tenant, Adecco, the largest Human Resources firm in the world, was also restructured, making the investment appealing to institutional investors. Innside Hotel was sold to Quadoro on behalf of Vescore Sustainable Real Estate Europe, an open ended real estate fund, in February 2017.
Cooperation between Europa Capital and P.B.G was originally established in 1999, since which the longstanding partnership has executed over €600 million of successful investments in Germany.
Dusseldorf agent ANTEON , together with Clifford Chance, advised the seller. The buyer was advised by Blackbear Real Estate, a local investor and asset manager.
Commenting on the transaction, Nic Fox, Partner and Head of Middle Europe at Europa Capital, said: “We are pleased to have completed another successful realisation, our fifth to date, from Europa Fund IV, whose acquisition programme was completed in April 2016. Despite significant vacancy in the Seestern office sub-market, our prudent stock selection and asset management initiatives allowed us to attain 100% occupancy and to create an institutionally-appealing asset that should continue to out-perform its competitive set”.
For further information, please contact:
Gordon Simpson, 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
About P.B.G:
P.B.G has been active as both developer and investor in the German market for 20 years.
P.B.G has over this period realised some €2 billion of transactions, acting as co-investor and joint venture partner to international investment partners.
Further information can be found at: www.pbgm.de
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of PFI (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $65.9 billion ($47.7 billion net) as of March 31, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt, and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
*PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom
About Clifford Chance
The Clifford Chance Real Estate team is market leading in Germany. It is legal advisor to real estate companies, funds, institutional investors, private equity investors, construction firms and banks on national and international real estate transactions, financing and asset management issues.
About ANTEON Immobilien
ANTEON Immobilien was founded in 2008 by partners Guido Nabben, Heiko Piekarski, Jens Reich, Dirk Schäfer, and Marius Varro. Today a team of 35 people works successfully regional and nationwide in the areas investment, letting, project support, real estate marketing, and research. The real estate consulting company is a legally independent member of German Property Partners (GPP), which is a Germany-wide network of locally leading commercial property providers. This network is with over 380 real estate experts represented at Germany´s Top 7 locations. More information at www.anteon.de.
