New York-based investment manager Investcorp has made its debut in Germany with the purchase of an office campus in Stuttgart alongside Continuum Capital Investment Management, paying German investor Beos around €80 mln for the asset.
Bürocampus Wangen is a modern office campus situated in the commercial area of Stuttgart, Germany. Its mixed-use buildings total around 500,000 ft2 (46,500 m2) and tenants include tech and automotive companies.
'This transaction represents the first investment in Germany by Investcorp and is testament to our ongoing European real estate investment strategy and business,' said Mohammed Alardhi, executive chairman of Investcorp.
'Investcorp's leading expertise position in the US market, combined with the continued activity of our European team proves that we are well-positioned to diversify and broaden our product offering to clients.'
Vendor Beos held the asset in its Beos Corporate Real Estate Fund Germany I.
Deal reflects Investcorp's broader European strategy
The campus features good quality office buildings, state-of-the-art research and development, data and design centres, a restaurant, and conference rooms.
According to Investcorp, the deal reflects its broader pan-European real estate strategy following an initial focus on UK industrial and logistics assets. The campus is expected to be one of the seed assets of Investcorp's upcoming European real estate portfolio.
'We are delighted to have acquired this asset. The campus is located in a submarket that has enjoyed strong performance in recent years and benefited from an automotive manufacturing presence.' said Neil Hasson, managing director in Investcorp's real estate investment division in Europe.
'We continue to explore a range of interesting investment opportunities in Western Europe and look forward to executing further transactions in the months to come.'