July 20, 2015

Europa Capital completes another acquisition in Prague

Europa Capital completes another acquisition in Prague

Europa Capital (“Europa”) has completed another acquisition for its pan-European investment fund, Europa Fund IV, acquiring Hadovka Office Park, Prague for €43 million, reflecting a 9 percent initial yield. Hadovka is a 25,000 sqm office building situated in a prominent position on the Evropska corridor in Prague 6. The Property is 100 percent leased to a number of international and national tenants. Europa will invest significant capital into the asset and will be seeking to optimise the tenant mix going forward.

Resolution Capital Management Ltd, a specialist CEE Asset Management company owned by George Leslie, has co-invested in the project with Europa and will be providing asset management services to the project. George Leslie commented: “I am delighted to conclude RCM’s first acquisition and I look forward to working with Europa on this project and growing our AUM platform going forward across the CEE region.”

German lender pbb Deutsche Pfandbriefbank provided a senior acquisition loan to the project. Charles Balch, Head of International Clients, UK & CEE at pbb, said: “We are pleased to have been able to support our esteemed client Europa Capital with a loan supporting this acquisition. This is following a number of successful financing transactions we have been able to conclude with them in CEE and elsewhere in the past. Our extensive experience in the CEE markets allowed us to understand the particular opportunity and hence offer attractive financing terms.”

Robert Martin, Principal and Head of Central Europe at Europa, commented: “This is an asset we have tracked over many years and, with the extension of the metro line bringing a significant improvement to the public transport in Prague 6, we believe this is a fully sustainable location where we can offer quality office space at affordable rents. The acquisition of Hadovka fits in with our strategy of acquiring high quality, but often capital-starved buildings, in strategic locations in European capital cities and also where we can add value with quality on-site management and building improvement. The pricing relative to the average Prague office market is very compelling.”

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