Europa Capital, the general partner of Europa Fund III, has announced a new transaction days after it took part in the EUR 364 mln consortium acquisition of a portfolio of five office buildings and 153 bank branches in Spain from BBVA bank.
Europa Capital, the general partner of Europa Fund III, has announced a new transaction days after it took part in the EUR 364 mln consortium acquisition of a portfolio of five office buildings and 153 bank branches in Spain from BBVA bank.
On Monday, Europa Capital announced the acquisition of Renault's convention centre, situated in the south-western Parisian suburb of Boulogne-Billancourt. The financial details were not disclosed. The acquisition was made in conjunction with Christopher Curtis, Europa Capital's long-term country partner in France.
The 17,000-m2 building occupies a 10,500-m2 site fronting the river Seine and the Ile Seguin and will be leased back to Renault.
As well as being the second most populous commune in the Île de France with metro access to the City centre, Boulogne-Billancourt is also the headquarters of many major corporations including TF1, OECD, Ipsen, Colas, Cegedim and Henkel France.
Europa was advised by Horizon IM and Promeva, Salans and Le Breton & Associés. Renault was advised by SCP Begon, Herbert, Bougeard & Brulon.
As announced last week, Europa Capital and Area Property Partners each have about a 25% participation in the second stage of the BBVA sale-and-leaseback deal, with Deutsche Bank's RREEF accounting for the rest. The three investors completed the first stage of the acquisition, comprising two office buildings and over 900 branches in Spain, from BBVA for EUR 1.15 bn in September 2009.
