Europa and Ediston strike in Aberdeen and Birmingham

Europa Capital and UK-based Ediston Properties have purchased properties in Birmingham and Aberdeen for a total investment volume of £22 mln (EUR 27 mln).

St Philip’s Point in Birmingham comprises 9,000 m² of office and retail space over 11 floors. The property, located close to the city’s cathedral, is held freehold and let to six tenants. The upper ground floor 1,300 m² and the majority of the retail accommodation (729 m2) are currently vacant. New tenants are being sought to fill the vacant space.

The property was sold by the receiver.

The second asset, Caledonian House, is located in the centre of Aberdeen. The property comprises 5,000 m² of office and retail accommodation. The offices are let to JP Kenny, a multi-national oil and gas services company. Caledonian House was purchased from Premier Property Group.

Europa Capital and Ediston Properties formed their UK joint venture partnership last year.

James Fortescue, associate director at Europa Capital said, 'These acquisitions complement the nine other investments in the partnership and provide an opportunity to undertake active asset management to improve capital values.'

RBS bank supported the partnership's acquisitions with a new £50 mln facility.