Europa Capital goes shopping

Europa Capital, a UK independent real estate fund management group, has acquired Berlin shopping centre Forum Steglitz from Hammerson Plc, a FTSE-100 real estate investment trust, for €70 million (£62.7 million).


Europa Capital, a UK independent real estate fund management group, has acquired Berlin shopping centre Forum Steglitz from Hammerson Plc, a FTSE-100 real estate investment trust, for €70 million (£62.7 million).

Europa Capital, a UK independent real estate fund management group, has acquired Berlin shopping centre Forum Steglitz from Hammerson Plc, a FTSE-100 real estate investment trust, for €70 million (£62.7 million). The centre was valued at €93.1 million at 31 December 2008.

The eight-digit investment in the 32,000 sq metre shopping mall was made from Europa Fund III, a pan-European investment fund. To date, the UK private equity house, which has offices across Europe, has invested more than €5 billion in a variety of transactions in 17 different countries.

Forum Steglitz is Hammerson’s remaining property in Germany, and the deal represents a net initial yield of eight per cent. The company said it expected transaction costs to come in at €1 million.

Hammerson acquired Forum Steglitz in 2000, and carried out a refurbishment in 2006. Net rental income in 2008 was €3.8 million.

John Richards, chief executive of Hammerson, said: “The proceeds of the sale will be used to reduce group borrowings.”

Hammerson is primarily focused on UK and French property deals. Its £6.5 billion portfolio includes 15 shopping centres and 19 retail parks.

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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