Europa Capital has completed over 21,000 sq metres of lease transactions in 2015 in Warsaw, Prague and Budapest. This comprised of 15,615 sq metres of new lettings, generating around €2.8 million per year of rent, and included names like Philip Morris, Manpower and Kelly Services. In addition, 6,330 sq metres of lease renewals were concluded, securing a further €1 million per year of income and retaining key tenants such as Cargill, Cap Gemini and Wolf Theiss.
On behalf of Europa Fund IV two acquisitions were completed, including the acquisition of the Kalvin Portfolio, a 27,225 sq m portfolio of three offices in Central Budapest for €29.9 million and Hadovka Office Park, a 22,265 sq metre portfolio in Prague, for €43 million (reflecting a net initial yield of 9%). On the disposals side, Europa sold Westgate Park Rudna, a 90,000 sq. metres logistics project of built and future development in Prague, to a US-based developer for over twice what is was acquired for in 2013.
Robert Martin, Principal and Head of Central Europe at Europa Capital, commented: “Europa continues to deliver outstanding returns to our investors, through successfully identifying undervalued assets within Central Europe that offer potential for value creation through refurbishment. This is demonstrated by the successful sale of Westgate Park and the significant leasing activity concluded across all of our assets, which continue to add value to our holdings within the region.”