Europa Fund V is buying the palace ahead of residential reconfiguration. : Europa Capital’s fifth pan-European value-add fund is investing €22m to buy a 15th-century palace in Mallorca. The real estate manager said the €716m Europa Fund V fund has agreed to buy the palace in the centre of Palma Old Town, ahead of restoration and residential reconfiguration. The asset is being bought from a private individual. Europa Capital intends to restore the palace and reconfigure the internal space to create 14 homes. The manager is partnering with local developer Bonavista Developments.