Pan-European real estate investment manager Europa Capital, alongside its joint venture partner Addington Capital, has announced the sale of the final residential unit of its major residential conversion project at RAF Lakenheath in Suffolk.
Financial details were not disclosed.
The asset, acquired for Europa Fund IV, comprises 473 terraced units and detached houses. It was previously used as the married living quarters for the US Air Force which is hosted at RAF Lakenheath.
'This unique investment provided the opportunity of bringing nearly 500 homes for purchase to the local area, whilst delivering attractive returns to investors through a wholesale to retail strategy,' said Hugo Black, partner at Europa Capital.
'Having gained valuable experience in the residential sector through this and a host of other projects, we are now looking ahead to future opportunities, both across the UK and mainland Europe,' Black added.
The properties, which are located alongside the base, were acquired by Europa Capital and Addington from Ireland’s bad bank NAMA in 2014. Since then, the properties have been refurbished to create two, three and four-bedroom homes for purchase. The units include government-backed Air Source Heat Pumps, a renewable energy technology that heats the home from air outside.
Many of the homes were targeted at first-time buyers and started at £175,000 (€200,000) for a two-bedroom unit.
Martin Roberts, principal at Addington Capital added, 'Addington continues to find opportunities to enhance property values across our main sectors, of which residential is high on the list.'
Europa Capital was an early institutional mover into residential investment and has invested in or developed over 7,000 bed spaces in PRS and student accommodation in key UK and Continental European locations since 2012.
