German asset management boutique Kingstone Investment Management has acquired the Panasonic Campus near Munich in an off-market transaction for €50 mln.
The core property, located in Ottobrunn, was purchased from pan-European private equity investor Revcap for Kingstone's Wachstumsregionen Süddeutschland (KWS) special property fund.
'The transaction proves our capability to find sustainable investments for our clients in a competitive market. Panasonic Campus is a long-term investment offering stable cash flows due to high-quality tenants. This makes it an ideal fit for our fund strategy,' said Dr. Tim Schomberg, managing partner of Kingstone.
Built in 2002 and offering around 20,300 m2 of gross lettable area, the property comprises 14,200 m2 of office, 4,400 m2 of logistics and 1,700 m2 of ancillary space, plus 218 parking spaces. The main tenant is Panasonic, with Bosch another high-profile tenant.
The KWS fund, launched in mid-2019, now contains seven properties and is already 65% invested. It invests in ticket sizes from 3 mln with its total investment volume set at a minimum of €300 mln with a debt ratio of less than 50%. Universal-Investment is the service alternative investment fund manager.
'We achieved an early increase in value due to the optimization of the user structure as well as a new long-term rental agreement with Panasonic. We are glad to pass this core property on to a new investor,' said Matthias Wilke, managing partner of Revcap.
Arnecke Sibeth Dabelstein advised the transaction on the legal side, while X Project was responsible for the technical due diligence.