Essen, 21 July 2021 – TA Europe has advised pan-European investment manager Europa Capital on the sale of eight German properties of an urban logistics and warehouse portfolio. The complete portfolio with 38 properties in total changed owners for €270 million and has been acquired by Arrow Capital Partners’ platform Strategic Industrial Real Estate (SIRE). Europa Capital has sold the assets on behalf of its pan-European funds, Europa Fund V (EFV) and Europa Fund VI (EFVI).
TA Europe was already instrumental in supporting Europa Capital with technical due diligence and ongoing technical advice since they initially purchased the German assets in 2018 and 2019. The larger portfolio includes logistic sites in The Netherlands and comprises around 360,000 sqm of rental space and is let to different e-commerce and service providers including Lekkerland, Deutsche Post Immobilien (DHL) and Dutch Organic Trade B.V.
TA Europe, being familiar with the assets, carried out the recent Vendor Technical Due Diligence for the eight logistics and business park properties. TA Europe’s services included supporting the data room content organisation, site visits, reporting on condition, servicing and the statutory compliance status at the buildings, as well as stand-alone CAPEX overviews per property and appraisals of the landlord upgrade works at each site.
Europa Capital’s strategy was to improve the occupancy and rental profile by letting vacant space and restructuring and extending leases – which worked well, according to the firm’s recent statement, when they stated the occupancy had grown to approximately 91 percent.
James Pennington, Managing Director at Europa Capital, commented: “This landmark sale represents one of the largest ever for Europa Capital and is the culmination of three successful investment strategies and multiple asset purchases. It also demonstrates our track record of identifying and aggregating good quality assets in structurally supported sectors before crystallising strong returns on behalf of our investors through disposal. Thanks to our trusted technical advisor TA Europe, we could gather all relevant technical information efficiently and thus close the deal in adequate time.”
Lawrence Wainwright, Partner at TA Europe, adds: “Thanks to our wealth of experience in the logistics sector and our familiarity with the assets, which we knew already from our involvement during the acquisition phase, we could quickly gather all the relevant information our client needed to support them with the transaction and meet all client needs.”