Europa Fund II, advised by Europa Capital, an independent European real estate investment management company with head offices in London, has bought 50 % of the shares of TCN Mediapark in Hilversum from Nationaal Grond Bezit B.V. (Nagron).
TCN Media Park in Hilversum near Amsterdam is the center of all the broadcast and multimedia activities in the Netherlands. The park sits on 37 hectares and has 175.000 m2 of leasable space consisting of offices/TV studios/warehouses etc.
It is home to Europe's largest studio complex. Anchor tenants are NOB (the Dutch State Televison and Radio), RTL-Nederland and Talpa, a recently started commercial station.
In total there are 160 companies at the Media Park ranging from production houses, multi media companies to creative- and IT firms.
TCN Property Projects took over the Media Park in 2003 from NOB together with Nagron. Two years of intensified management and the development of new buildings has improved the asset. Nagron always perceived their investment in the Park as short term and decided to sell their shares to concentrate on their eastern European activities.
The Media Park produces stabilised income streams and is fully occupied save fractional vacancy. The Masterplan for the Media Park calls for further extensions and new functions of up to 60.000 sqm. The first phase of this will start shortly.
Europa Fund II is a pan European, closed end fund, with an investment capacity of around 2 billion which has already acquired projects in the UK, Poland and Hungary. This investment has been acquired in partnership with Europa Capital's Dutch Country Partner, Robert Mullin who was instrumental in creating the joint venture.
Noel Manns, co founder of Europa Capital: "our investment in the Media Park fits exactly in our fund's strategy. It provides a steady cash flow with active management opportunities and the potential for development of new functions which will generate superior returns. Our local partner TCN Property Projects will manage this process and has proven they can deliver".
Norbert Jansen, Chief Investment Officer of TCN Property Projects: " We have known Europa Capital for some time and always liked their approach of sharing risks and ownership with a local partner. Media Park is our first venture together and we hope to expand this relationship into other TCN European projects"
Source: TCN Property Projects
