Rockefeller Group International, the New York-based real estate investment firm, has laid down a giant marker in European real estate by acquiring a majority share in London-based private equity real estate firm Europa Capital.
There were no details of the transaction in an announcement made by the firms today. However, according to a report by The Financial Times, Rockefeller has purchased a 75 percent position in the fund manager.
Europa Capital, led by founders Charles Graham and Noel Manns, has raised six real estate funds and invested more than €6 billion across Europe since its inception in 1995. Its most recent closings totalled €895 million for its Europa Fund III and Europa Emerging Europe funds, both of which invest in western Europe.
The acquisition by Rockefeller Group, which is owned by Tokyo-based real estate business Mitsubishi Estates, is not expected to prompt any changes to the strategy of Europa, the firms said in the announcement, although it could lead to it expanding its operation. Europa operates various investing strategies across the risk spectrum
Kevin Hackett, president and chief executive officer of Rockefeller, said: “The alliance with Europa is a significant step in the realisation of a RGI/MEC global real estate investment management platform.”
“This investment represents an exciting new chapter in the history of RGI and we look forward to the opportunity to share our considerable commercial real estate expertise with investors around the world.”
Europa said it viewed the deal as providing “scope for developing our business from its established base through the introduction of a strategic investor with an international reach.”