Europa Capital LLP, the fund manager of Europa Fund III, is pleased to announce that it has entered into a joint venture partnership with Ediston Properties and has completed the purchase of seven office properties.
This initial portfolio, amounting to 316,000 ft² (approx. 29,350 m²), was acquired for approximately £65 million. These assets are located across the UK and comprise a well balanced portfolio with scope to augment the existing income through active asset management. Europa Capital was advised on this transaction by Allsop and Cushman & Wakefield.
Since establishment, the Partnership has acquired Heathfield Retail Park in Ayr, Scotland from AXA Real Estate for approximately £32 million. This property comprises 141,928 ft² of fully let retail warehousing arranged over two terraces. The Partnership was advised on the acquisition by Sheridan & Co.
The Partnership is looking to invest up to an additional £150 million into the office, retail and hotel markets in the UK. The Partnership is able to invest in both income and development transactions utilizing an existing debt facility from the Royal Bank of Scotland.
Robert Sim, Partner and Head of Northern Europe at Europa Capital, said, "This is an exciting opportunity to joint venture with an experienced partner and to create value through selective purchases and active management over time. This transaction demonstrates the commitment from Europa Capital to the United Kingdom investment market."
Danny O'Neill, the Founding Partner of Ediston, commented, "The opportunity to partner with Europa Capital was an attractive one and we are looking forward to working with them and growing the portfolio. The immediate acquisition of the retail park in Ayr confirms the availability of equity and illustrates our ability to secure suitable opportunities in the United Kingdom market."
Source: Finsbury PR