Europa Capital sells five UK assets for €96m

Fund manager Europa Capital has sold a portfolio of five UK assets for £76.7 mln (€96 mln), reflecting a net initial yield of 7.17%.

The assets were sold to a REIT sponsored by Canaccord Genuity, a Canadian banking and financial services company that specialises in wealth management and brokerage in capital markets.

The portfolio comprises an office building on Morrison Street in Edinburgh, an office building on Station Hill in Reading, a retail park in Rhyl, an office building on Cutler’s Gate in Sheffield and an office building on Temple Row in Birmingham.

The assets were acquired over a four-year period by Europa Capital’s Fund III. The business plans for the properties had been executed and the buoyant market conditions provided an ‘excellent’ opportunity for exit, Europa Capital said.

Rob Sim, head of Northern Europe at Europa Capital, commented: ‘We are very pleased with the sale and with the success of our partnership with Ediston. The focus has been on purchasing and actively asset managing predominately regional assets, to create long term income that would attract institutional investors. We are implementing our business plans on the remaining assets in the portfolio.’

Allsops acted for Europa Capital.