Europa Capital and Addington Capital have completed the acquisition of One Lampton Road in the London borough of Hounslow from clients of LaSalle Investment Management for over £20 mln (€23 mln).
The investment is the second acquisition for the two partners' London Affordable Residential Platform, which focuses on the creation and conversion of residential accommodation in undersupplied London markets.
The 121,812 sq ft (11,316 m2) mixed-use property provides 72,571 sq ft of office space and 49,241 sq ft of retail accommodation, occupied by tenants including TK Maxx, Job Centre and Sri Lankan Airlines. It has permitted development rights for conversion into 115 residential units.
Hugo Black, Partner at Europa Capital said, 'This is our 7th joint venture with Addington Capital and supports our continued drive to address the shortfall of housing in the UK. Since 2010, we have also acquired land with potential to deliver up to 8,600 residential units across 12 separate acquisitions.'
'One Lampton Road will complement Addington's existing PRS portfolio, which we plan to expand further going forward,' added Martin Roberts, Principal of Addington Capital.
Savills advised the purchasers. Gerald Eve acted for the vendor, who were clients of LaSalle Investment Management.
