Eurazeo : Patrimoine acquires Euston House office building in London
January 10, 2019 at 04:59 pm
Share
EURAZEO PATRIMOINE ACQUIRES EUSTON HOUSE OFFICE
BUILDING IN LONDON
Paris, January 10, 2019 - Eurazeo Patrimoine, the Eurazeo division dedicated to investment in real assets, and in particular to Real Estate, has announced the acquisition of Euston House, a London office building, alongside Arax Properties.
The Euston House office building, which is a freehold, was acquired for approximately €105 million, with a Eurazeo equity investment commitment after financing of around €40 million. Euston House has a surface area of approximately 11,000 m² (119,000 sq ft). It is located in the London Borough of Camden, which comprises a large number of healthcare and educational institutions and recently has seen a transformation around the King's Cross St. Pancras and Euston railway stations due to the world's leading technology and media companies such as Google, Facebook and Universal renting or building large office complexes for their European or UK headquarters. The area also benefits from excellent transport links to the North of England, Europe (through the Eurostar to Paris, Amsterdam and Brussels) and is expected to benefit from the planned second British high-speed line HS2 which is to link London to Birmingham, Manchester, Leeds, Edinburgh and Glasgow.
The building is fully leased until 2022 and will therefore provide a secure rental income and ultimately, strong rental reversion potential. A refurbishment program will be implemented to capture this potential and significantly enhance the asset's value.
Renaud Haberkorn, Managing Partner of Eurazeo Patrimoine, said: "Contrary to the Continental European markets, where values have soared over the past three years, the London office market experienced a slight correction recently, despite rental demand remaining strong. The Euston House investment has tremendous value creation potential in one of London's most dynamic and well-connected markets. Building on this initial London investment, Eurazeo Patrimoine will be well placed to seize any further opportunities that arise.
***
1
About Eurazeo
o Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under management, including nearly €11 billion from third parties, invested in over 300 companies. With its considerable private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, Sao Paulo, Buenos Aires, Shanghai, London, Luxembourg, Frankfurt and Madrid.
o Eurazeo is listed on Euronext Paris.
o ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA
VIRGINIE CHRISTNACHT
Head of Communications email:vchristnacht@eurazeo.comTel: +33 1 44 15 76 44
For more information, please visit the Group's website:www.eurazeo.com
Follow us onTwitter,Linkedin,andYouTube
Attachments
Original document
Permalink
Disclaimer
Eurazeo SA published this content on 10 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 January 2019 16:58:03 UTC
Eurazeo SE is a leading European investment group with diversified assets under management of EUR 35 billion, including EUR 24.2 billion on behalf of institutional and individual clients through its private equity, private debt, real estate and infrastructure strategies. The group supports over 600 mid-market companies, leveraging the commitment of its 400 employees, its sector expertise, its privileged access to global markets via 12 offices in Europe, Asia and the United States, and its responsible approach to value creation based on growth. Eurazeo's institutional and family shareholding and its solid financial structure ensure its long-term viability.
Eurazeo SE has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Saõ Paulo.