Diok Real Estate has completed the off-market acquisition of an 89.9% ownership interest in Campteq Innovation Campus, a 13,600 m2 asset in the Darmstadt area whose largest tenant is Azenta Life Sciences.
The investment is the company’s first since it revealed a private syndicate led by Alvarium Investments and 64 Investments acquired a 49.9% stake in the organisation.
Azenta Life Sciences maintains one of Germany’s largest bio-storage facilities at the property, where there are chances to improve on the 60% occupation level.
Financing for the acquisition was provided by a local bank. A fixed interest rate of just below 2.0% was granted for a ten-year term. The loan-to-value (LTV) ratio of the acquisition remains below the debt-to-equity ratio of Diok and so contributes to the reduction of the company’s gearing ratio, it pointed out.
Diok’s portfolio stands at €227 mln.
Markus Drews, member of the board, said: ‘The Campteq Innovation Campus perfectly suits our investment focus on the science and technology asset class. The acquisition was financed together with our new shareholder, Alvarium Investments, and with 64 Investments, a fact that has helped to speed up the pace of our acquisition activities.’
‘We will exploit the auspicious environment and our robust deal pipeline to move ahead with our next transactions in the near future. Investing in high-yield and risk-diversified science and technology assets occupied by tenants from forward-looking industries, such as the digitisation, communication, automation and pharmaceutical technology sectors, has proven the right approach, especially against the background of the Covid-19 pandemic.’
Ralf Nöcker of 64 Investments and another member of the board, added: ‘The science and technology asset class is defined by high-net-worth tenants and long-term leases. Moreover, tenants of this type will often invest in the interior fit-out of their premises, including by installing labs, clean rooms and similar facilities, reinforcing the occupiers’ loyalty to the location.’