Europa Capital has announced the final closing of Europa Fund II, its new pan-European opportunity fund, with equity capital commitments of €450 million from 35 international investors. At the same time it has invested €100 million of the new fund in five completed transactions totaling €500m, comprising some 3.7 million ft² of accommodation. Once fully invested the fund will have Gross Assets of some €2 billion.
Europa Capital's principals bought out Sir John Beckwith's 50% stake in the management company, prior to targeting a fund-raise of €300 million in equity commitments for Europa Fund II, but received significantly greater interest than they had originally expected from both existing and new investors, leaving the fund oversubscribed at the maximum level of €450 million.
Investors were drawn from 14 countries around the world with 60% originating in the U.S. and the balance from Europe, Canada, Australia and Asia. The investors include public and private pension funds, university and other endowments and foundations as well as family offices. The management team have also invested in the new fund.
Europa Capital attributes the level of interest shown in Europa Fund II to the management team's independence and experience in Europe as well as its strong alignment of interest with its investors. This is the fourth European fund sponsored by the management team and its second pan-European fund.
Europa Capital, which operates with the benefit of a network of exclusive local Country Partners situated throughout Europe, has already completed five transactions in four countries for the Europa Fund II. The Fund can invest in the 25 countries of the enlarged European Union together with Norway and Switzerland in a broad range of property types, seeking turn-around opportunities, refurbishment and development situations, MBOs, as well as portfolio or single-asset acquisitions. It also works closely with private equity funds to maximize returns from their property assets.
The five investments are:
- The Avery LP - three UK income producing shopping centers
- Imperial Place, Borehamwood, UK - a 222,000 ft², four building office investment with value-added potential
- Eiffel Square, Budapest, Hungary a prime office development project in central Pest
- CityPoint, Warsaw, Poland a 1.25 million ft² in-town distribution park
- Media Park, Hilversum, Holland a leading Dutch media park comprising 1.5 million ft² of existing stock with significant additional potential.
Noel Manns, Principal and co-founder of Europa Capital, commented:
"The Europa team is extremely gratified by the high level of interest shown in the fund from such a broad range of prominent investors many of whom have invested previously. The new fund is twice the size of the previous one and we welcome many new investors.
We are pleased to have invested over 20% of the fund equity at the Final Close, and have targeted other acquisitions throughout Europe."
Source: Europa Capital
