Europa Capital has acquired a second office asset for its core strategy and targets further investments across the office, industrial and residential sectors.
The manager’s core long-term income investment strategy - which is seeded with capital from its parent company Mitsubishi Estate - has acquired Imagine, a multi-let office building in Neuilly, Paris in France from Officiis Properties.
The asset, which comprises a gross lettable area of 7,980sqm, is 95% let to 14 tenants and has recently undergone a full renovation.
This transaction follows the acquisition of a multi-let office building in Munich, Germany.
Europa Capital said the combined Munich and Paris transactions take the total investment for its long-term income investment strategy to over €140m, adding that further acquisitions are in advanced due diligence.
The plan is to reach an investment target of €500m by 2020, it said.
Andy Watson, a partner at Europa Capital, said: “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.
“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.”
James Farmer, transaction director at Europa Capital for core products, said: “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.”
Europa Capital is part-owned by Mitsubishi’s Rockefeller Group International.
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