Europa and Addington buy £55m resi portfolio
Europa Capital and Addington Capital have completed the acquisition of a £55m residential portfolio in London from private clients of Allsop.
The portfolio of 202 properties, acquired through Europa Capital’s Fund V, is the third acquisition for the partners’ London Affordable Residential platform.
It comprises a mix of mostly Victorian and Edwardian houses and apartment conversions with a mix of residential tenancy types.
Europa Capital and Addington Capital have completed the acquisition of a £55m residential portfolio in London from private clients of Allsop.
The portfolio of 202 properties, acquired through Europa Capital’s Fund V, is the third acquisition for the partners’ London Affordable Residential platform.
It comprises a mix of mostly Victorian and Edwardian houses and apartment conversions with a mix of residential tenancy types.
The London Affordable Residential platform is part of the pair’s strategy to invest in undersupplied London markets where they see value-add opportunities and the potential for creating new supply.
Europa Capital and Addington Capital previously bought the mixed-use 1 Lampton Road office and retail building in Hounslow, west London, which has permitted development rights for conversion into 115 homes.
Hugo Black, partner at Europa Capital, said: “This acquisition further boosts our London Affordable Residential platform with Addington.”
Matthew Allen, principal of Addington Capital, added: “Addington continually looks for value-add opportunities in the sector.
“The second-hand housing market in London is already four years into a price correction.
The characteristics of this portfolio: the age, location and type of stock, we think will be resilient in today’s market and offer prospects for an early recovery as we move through the housing cycle.”
Allsop’s Tim Theakston advised the seller.
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