Epsicap buys London retail asset
Epsicap Explore, a French SCPI, has acquired a retail asset in north-west London for €7.76m, excluding transfer costs, marking its fourth acquisition and completing its portfolio outside of France.
The property, located in the heart of Harrow’s main shopping street, is fully let to Asda and The Gym Group, with 8.4 years remaining on the firm lease term.
Epsicap Explore’s portfolio now consists of assets in the UK, Poland, and other European countries, with this latest acquisition being its first retail asset.
The asset is split across two units totaling 2,867 m², and its location offers strong footfall and excellent visibility, just 30 minutes by public transport from St Pancras station.
For Epsicap REIM, the combination of an everyday essentials retailer and a value gym operator reflects the kind of resilient, needs-based tenant mix that has kept investors interested in UK retail.
According to researchers, the UK captured around a third of SCPI cross-border investment in the first quarter of 2025, with French funds allocating close to €2.3bn across Europe outside France last year alone.
Epsicap Explore’s decision to build a portfolio entirely outside France puts it at the front of this trend, with its stated next targets, including Spain, Italy, the Netherlands, and Ireland, tracking closely with where capital is already heading.
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Florian Le Quere, Investment Director and Partner at Epsicap REIM, said: “This acquisition confirms our ability to quickly identify attractive opportunities in key European markets.”
They intend to keep widening their geographic footprint across Europe, with a portfolio spanning France, Spain, Portugal, the UK, and Poland, and further ambitions in Ireland, Germany, Italy, and the Benelux.
The transaction was supported by ADS RE as agent, Mishcon de Reya as legal counsel, and Jones Hargreaves on technical due diligence, and Epsicap REIM now has €235m in assets under management.
Epsicap Explore’s ability to quickly identify attractive opportunities in key European markets is a significant factor in its success, and its focus on resilient, needs-based tenant mix has helped it address the challenges facing the UK retail sector.
In the context of the broader European real estate market, Epsicap Explore’s strategy of diversifying its portfolio across asset types and geographic locations is a sensible approach, given the current market trends and the need for long-term value creation.
The acquisition of the London retail asset is a notable example of this strategy in action.
