Europa Capital and its partner Addington Capital have completed the acquisition of a €61.9m (£55m) portfolio of residential properties in London. The portfolio, which was acquired through Europa Capital’s Fund V, consists of mostly Victorian and Edwardian houses and apartment conversions in London and was acquired from private clients of Allsop. The investment is the third acquisition for the London Affordable Residential platform.
The newly acquired portfolio totals 202 assets including 43 houses and 153 flats. The properties are predominantly freehold, with a mixture of residential tenancy types including assured shorthold tenancies (ASTs) and regulated tenancies.
Hugo Black, Partner at Europa Capital commented: “This acquisition further boosts our London Affordable Residential platform with Addington where we are sourcing well-located homes or residential projects that offer value- creation opportunities and will be delivered into London’s undersupplied residential market. This is our 8th joint venture with Addington and supports our continued drive to invest in the sector."
Matthew Allen, Principal of Addington Capital said: “Addington continually looks for value-add opportunities in the sector. The second-hand housing market in London is already four years into a price correction. The characteristics of this portfolio: the age, location and type of stock, we think will be resilient in today’s market and offer prospects for an early recovery as we move through the housing cycle.”