European real estate investment manager Europa Capital has completed the acquisition of Imagine, a multi-let office building in Neuilly, Paris in France from Officiis Properties.
This is the second acquisition for Europa Capital’s €500 mln core long-term income investment strategy, which is seeded with capital from its principal shareholder, Mitsubishi Estate.
The asset, which comprises a gross lettable area of 7,980 m2, is 95% let to 14 tenants and has recently undergone a full renovation. The property forms part of a three office campus on the Île de la Jatte, which is located in Neuilly-sur-Seine, an established office district between the Paris CBD and La Défense. The property will be managed by Europa Capital’s recently launched Paris office, headed by partner Andy Watson.
This transaction follows Europa's acquisition in June last year of a multi-let office building in Munich, Germany. The combined Munich and Paris transactions take the total investment for Europa Capital’s long-term income investment strategy to over €140 mln, with further acquisitions in advanced due diligence.
In the short term, the strategy focuses on office, logistics and residential property assets.
Andy Watson, partner at Europa Capital, commented: 'The multi-let office properties we have acquired in Munich and Paris are aligned with our strategy to capture future income growth in supply limited locations. We are targeting institutional grade buildings with long term investment liquidity in core sectors in the main Eurozone markets of France, Germany and the Netherlands.'
Europa Capital was advised by Wargny Katz and Dentons.
