Europa Capital makes second acquisition for core long income strategy

Europa Capital, the pan-European real estate investment manager, has completed the acquisition of Imagine, a multi-let office building in Neuilly, Paris in France from Officiis Properties. This is the second acquisition for Europa Capital’s core long term income investment strategy, which is seeded with capital from its principal shareholder, Mitsubishi Estate.

The asset, which comprises a gross lettable area of 7,980 square meters (tk square feet), is 95 percent let to 14 tenants and has recently undergone a full renovation. The property forms part of a three office campus on the Île de la Jatte, which is located in Neuilly-sur-Seine, an established and attractive office district between the Paris CBD and La Défense. The property will be managed by Europa Capital’s recently launched Paris office.

“The multi-let office properties we have acquired in Munich and Paris are aligned with our strategy to capture future income growth in supply limited locations,” said Andy Watson, Partner at Europa Capital. “We are targeting institutional grade buildings with long term investment liquidity in core sectors in the main Eurozone markets of France, Germany and the Netherlands.”

The transaction follows the acquisition of a multi-let office building in Munich, where Europa Capital has increased occupancy from 90 percent to 100 percent  in 15 months since acquisition. The combined Munich and Paris transactions take the total investment for Europa Capital’s long-term income investment strategy, which by 2020 has an investment target of €500 million ($tk million), to more than €140 million ($tk million) with further acquisitions in advanced due diligence. In the short term, office, logistics and residential property assets are likely to be the main focus of the investment strategy, which is targeted at institutional investors from Europe, Asia and the Americas.

“The Imagine building is a high quality asset in a unique location which will offer our investors long term sustainable income whilst offering good short to medium term income growth prospects. We are targeting further investments across the office, industrial and residential sectors,” said James Farmer, transaction director at Europa Capital for core products.