Fund manager Europa Capital has sold the Caledonian House mixed-use asset in Aberdeen, UK, bringing the total transaction volume in the past 12 months to over €1 bn.
Fund manager Europa Capital has sold the Caledonian House mixed-use asset in Aberdeen, UK, bringing the total transaction volume in the past 12 months to over €1 bn.
Located on the city’s main retail thoroughfare, Caledonian House comprises 53,868 sq ft (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 by Europa Capital in late 2012 from Premier Property Group. The asset was sold for an undisclosed amount.
In total, Europa Capital carried out over €1 bn of deals in 2013, including disposals worth €630 mln. Europa Capital’s Europa Fund III, which closed to investors in 2008 with commitments of €731 mln, is now substantially progressing its divestment strategy.
The most recent disposals include the sale of 370,000 m2 of UK light industrial property to M&G Real Estate (formerly Prudential Assurance) for €170 mln, a 10,500 m2 logistics unit in southern England with a 25-year government lease sold for €15.4 mln, reflecting a yield of 4.7%; and the sale of Forum Steglitz shopping centre in central Berlin to a German fund.
Europa Capital has also agreed to sell its new 58,000 m2 shopping centre in Poland, which opened in October.
In terms of acquisitions, the latest purchase involved the Cubus office building and the Innside by Melia Hotel in Düsseldorf, Germany which were bought in December from KanAm Group.
The company has also completed 135,000 m2 lettings over the year.
Rob Sim, partner at Europa Capital, said: 'This has been a busy year for Europa and we look forward to an equally productive 2014, investing in an environment which we judge to be conducive to value creation for active managers of real estate.'
