Investcorp has added an €85m multi-let office and light industrial property to its German portfolio.
The asset manager said it has completed the acquisition of the Airport Centre in Hamburg.
Investcorp said Montano Asset Management acted as a minority joint venture partner for the acquisition and will serve as its asset manager.
The property has 35,000sqm of lettable space, of which 75% is office space and 25% light industrial.
The Airport Centre acquisition is Investcorp’s fourth real estate investment in Germany in the last 12 months and brings the firm’s managed assets in Europe to over €500m.
investcorp, which bought its first German real estate asset in April last year, now manages €325m of assets in the country.
Rishi Kapoor, co-CEO of Investcorp, said: “The continued growth of our European real estate portfolio is key to achieving our mission to serve investors worldwide with a diversified portfolio of attractive alternative investments.
“We see great opportunities in specific sub-sectors of the European real estate market and have ambitious plans for the years ahead.”
Neil Hasson, managing director - head of Investcorp European Real Estate, said: ”This acquisition is an important milestone as we continue to execute our strategic vision to expand our presence in Europe and grow our AUM. We believe that the German office market has good fundamentals and we expect that our portfolios will exhibit a good return profile for our investors.
“We are primarily focused on sourcing income generating multi-let assets within the UK, German, French, Dutch and Benelux markets with a preference for office and industrial assets.