Europa sells Düsseldorf asset for €60m

The London-based private equity real estate firm has sold Hofgarten Palais to Germany’s Union Investment Real Estate

Europa Capital Partners, the London-based private equity real estate firm, has sold a development in Germany’s Düsseldorf for around €60 million ($76 million). 

The firm is exiting the 14,000 square metre office scheme, Hofgarten Palais, on behalf of Europa Fund II, which closed in 2005 on €450 million. It prelet about 5,000 square metres of the space to management consultants, Management Engineers, in 2008.

Local fund manager, Union Investment Real Estate, is the buyer.

Europa is currently investing two recent property funds; Europa Fund III and Europa Emerging Europe which invests in Eastern Europe. They closed in 2008 and give the firm around €895 million of equity to invest.