Europa Capital completes acquisition programme for 5th value-add fund

Europa Capital has announced that it has completed the acquisition programme for its Europa Fund V with the purchase of a portfolio of Dutch urban logistics assets.

Total investment in Dutch logistics in 2019 reached close to €220 mln across seven transactions for both of Europa Capital’s value-add and core income strategies.

Europa Capital said that it secured €750 mln of stabilised asset sales from its value-add funds in 2019, with sales volumes highest in the office and residential sectors. Together with investments on behalf of Europa Capital’s value-add and core income strategies, this contributed to total transactions closed during 2019 of €1.25 bn.
 
The majority of sales were undertaken on behalf of Europa Fund V. Europa is believed to be in the final stages of raising Fund VI which is targeting equity of €750 mln and a hard cap of €1 bn.
 
Europa Capital also added to its diversified core income investment portfolio which is seeded with capital from its principal shareholder, Mitsubishi Estate. The portfolio now has a combined value of close to €300 mln comprising 10 assets in the office and logistics sectors.
 
As Europa Capital continues to diversify its product range for its clients, 2019 also saw increased investment activity in its UK only strategies that include the Europa Generation student accommodation fund and also its growing senior loan funds.
 
The largest single sale of the year was the €142.5 mln disposal of the Semaphore office building in Paris, which Europa Fund V had completely refurbished and fully pre-leased to a single tenant. The sale was completed ahead of business plan and before the tenant had taken occupation. Also in Paris, Europa Fund IV completed the sale of a 14,000 m2 office building to an owner occupier bringing total Paris office sales close to €220 mln.
 
Residential disposals were also strong in 2019 totalling €260 mln of which the majority were in Copenhagen as institutional investors continue to build their exposure to the multi-family sector in Europe.

Jason Oram, partner at Europa Capital, said: 'Our investment strategy focuses on markets and sectors with good occupier demand and limited supply and continues to deliver strong levels of asset sales and healthy returns for our clients. Our high-quality real estate asset management skills have driven accelerated delivery of value creation and resulted in performance ahead of business plans.'

He added: 'Urbanisation trends in Europe continue to form a central theme for our investment focus and we are pleased to have completed the acquisition programme for Europa Fund V and to have created a portfolio that is already delivering strong realisations. Looking forward, we will continue to identify real estate opportunities that meet our clients’ investment objectives in Europe.'

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