Europa scores twice in Europe

Evidence that smaller deals are getting done has come in the shape of Europa’s investment in the UK and Norway.

Europa Capital’s Fund II has acquired an office property in Oslo, Norway for €71 million ($104 million) and a business park in Birmingham, UK, for £58.4 million (€81 million;$120 million).

The London-based firm’s deal in Oslo represents the first in Norway for Europa Fund II. It has purchased Olaf Helsets Vei 5 in south east Oslo from Acta, the Oslo Municipality Pension Fund. The 44,000 square meter office, educational, light industrial, and health club property is let to 14 tenants and produces nearly NOK 45 million (€5.6 million) annual rent.

Rob Sim, head of asset management, said “Oslo has been characterised by very low vacancies and with OH5 we see a good opportunity to lease up the vacant areas and undertake active asset management.”

In the second deal, Fund II has completed the acquisition of Saltley Business Park from Hermes Real Estate for around £58.4 million. The Europa vehicle has invested in a joint venture with Opus Land.

Saltley Park is a multi-let industrial and distribution facility close to Birmingham city centre producing an annual rent in excess of £4 million.

Sim said the asset offered a, “multitude of active asset management angles.”

Europa Fund II is the fourth vehicle launched by the firm since 1995 and has made investments in Poland, Hungary, Poland, the Netherlands, Germany, Greece, Italy, Belgium and the UK. It is also investing its fifth vehicle, Europa Emerging Europe Fund, which raised €100 million on its first closure in March.