Europa Fund II, managed by Europa Capital, an independent European real estate investment management company, has completed its first investment in Italy, purchasing the headquarters of Alcatel Italia from the Italian subsidiary of the international telecommunications conglomerate for in excess of €60 million.
The research, development and office complex comprises a site in excess of 150,000 m² with over 70,000 m² of built space. Alcatel Italia have entered into a lease back of 48,000 m².
Europa intend to obtain planning permission for the future redevelopment of the site into a new research, development, laboratory and light industrial park with highly flexible accommodation to house a wide variety of occupiers from different hi-tech and industrial sectors. It is anticipated that the first 25,000 m² phase will be available for occupation in mid-2008.
Commenting on the deal, Christopher Curtis, Principal of Europa Capital responsible for Southern Europe, said: "This investment provides Europa Fund II with a solid income stream coupled with the potential to add significant value through the planning process."
Source: Europa Capital