DUSSELDORF-Europe Capital Partners’ Europa Fund has topped out its 120,000 sf office development at Stresemannallee 6 in Neuss, one of Dusseldorf’s main business districts. The new five-storey building is due for completion in January 2002.

Pre-lettings have been agreed with Microsoft for 37,500 sf and with Focus Clinical Drug Development, one of Germany’s leading bio-tech companies, for 26,750 sf. Focus was the original occupier of the site, and Europa acquired it in 2000 through a sale and leaseback, in partnership with its exclusive country partner, Project-Construct Immobilien.

Letting agent is Aengevelt Immobilien is marketing the remaining 47,000 sf with a quoting rent of DM 24.50 per sq m per month ($13.40 per sf per annum). Christoph Gutmann of Project-Construct Immobilien said: ‘We are confident that the remainder of the space will attract substantial tenants seeking high quality space with excellent communications and ample car parking.’

Founded by Peter Beckwith in 1999, the Europa Fund is in the process of amassing a €1 billion ($0.92 billion) portfolio, to be invested 70% in Western Europe and 30% in the emerging Central European markets of Poland, Hungary and the Czech Republic.

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