Europa Capital is pleased to announce that the joint venture partnership with Ediston Real Estate has commenced marketing for the office element of a proposed development in Bath. Planning permission was received in 2016 and allows for the demolition of two existing office buildings (currently leased to Redde Plc) and the construction of a new office building totalling 112,000 sq. feet and a separate educational campus of 177,000 sq. feet, comprising academic and student accommodation. The site is located immediately adjacent to Bath city centre, which is a UNESCO World Heritage Site.
Rob Sim, Partner and Head of Northern Europe at Europa Capital, commented that: “This is an exceptional opportunity to create a prime investment in a truly unique location. The fundamentals of the development opportunity are outstanding. The office market in Bath is suffering from chronic undersupply, so there is already interest from well-known companies for the office building. In addition, negotiations for the student facility are well advanced which means that the development should be over 50% pre-leased by the end of the year.”
Commenting on the planning permission, Andy McKinlay, Chairman of Ediston Real Estate, said: “This is a unique opportunity to create an iconic investment next to Bath city centre. A considerable amount of work has been done in conjunction with the Local Authority to ensure that the proposed development complies with their requirements,whilst delivering market facing product.”
The asset was part of the original portfolio that formed the basis of the Europa Capital and Ediston Real Estate joint venture, which was established in 2011.
For further information, please contact: Gordon Simpson/ Elizabeth King, Finsbury: +44 20 7251 3801
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