Europa Capital and Addington have acquired a residential-led property in Sheffield for £36.75m (€43 mln).
The asset, dubbed Velocity Village, comprises five adjacent buildings with 444 residential units and 38,000 sq ft of commercial accommodation. 73 of the residential units have been sold off on long leases and 371 are fully let on assured shorthold tenancies. The basement car parking has been divested to the University of Sheffield.
'This is a great opportunity to acquire a largely PRS "place maker"portfolio that offers occupiers a quality living environment with affordable but modern apartments in a major city centre. The high quality of the apartments makes them attractive to professionals and students wanting a mature living environment. The property’s proximity to the University and Royal Hallamshire Hospital also adds to its popularity,' commented Hugo Black of Europa Capital.
Purchased for the Europa Fund IV, the deal represents the fourth joint venture between Europa Capital and Addington.
Cushman & Wakefield acted for the vendor.
