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Landmark buys into Europa RE fund

Europa Fund III invested in retail developments including Piccadilly shopping centre in Manchester and Mall of Sofia in Bulgaria.

Landmark Partners has purchased a stake in Europa Fund III, according to UK regulatory notices.

Europa Fund III is a European real estate fund that launched in 2007 and raised €731 million, according to PEI’s Research and Analytics division. Limited partners in the fund include the Ford Family Foundation, Chicago Teachers’ Pension Fund and OP Life Assurance Company.

The firm declined to comment.

The fund predominantly invests in European retail portfolios, specialising in urban shopping centres. It is fully invested, having acquired eight properties in five European countries. Investments include BBVA Sale & Leaseback Portfolio in Spain, Mall of Sofia in Bulgaria and Manchester Piccadilly shopping centre in the UK.

Europa Capital is based in London and has raised four pan-European real estate funds and three speciality funds. Its latest fund is the €600 million Fund IV. Since 1995, the firm has invested in more than 80 transactions, valued at more than €8 billion.

Landmark acquired the stake from the Regents of the University of Michigan, which was unavailable to comment by press time.

The firm used its Landmark Real Estate Partners VII fund, which had collected $670 million as of August. The fund also includes a separate co-investment vehicle for overflow deals. It targets a diverse portfolio of assets spanning core, value-added and opportunistic funds and up to 30 percent of the fund could be invested outside the US. The fund is expected to hold a final close in December.

Landmark declined to comment.