Europa Capital launches core-plus initiative in Munich
Europa Capital has bought a 237,000 sq ft office building in Munich on behalf of Mitsubishi Estate London, an affiliate of Mitsubishi Estate.
Europa said the acquisition was the first in its new core-plus initiative that focuses on European offices, initially in Germany then in other European cities.
The intention in the medium term is to attract other institutional investors, said Europa, which will asset manage the portfolio.
Europa Capital has bought a 237,000 sq ft office building in Munich on behalf of Mitsubishi Estate London, an affiliate of Mitsubishi Estate.
Europa said the acquisition was the first in its new core-plus initiative that focuses on European offices, initially in Germany then in other European cities.
The intention in the medium term is to attract other institutional investors, said Europa, which will asset manage the portfolio.
The property, at Feringastrasse 10-12, in Unterfohring, was bought from Ekistics Property Investors 1, a equity real estate fund advised by Ekistics Property Advisors.
Nic Fox, partner at Europa, said: “This off-market acquisition marks the beginning of a new product line in a lower risk area from our pan-European value-add funds. We strongly believe in the continuing performance of the German economy and property market and intend to assemble a diversified portfolio attractive to institutional investors”.
Ekistics was advised by BNP Paribas Real Estate. Savills advised Europa Capital.
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