Kingstone Investment Management, on behalf of its special property fund, has paid €90m to buy three office and business park buildings in Germany.

The manager said it bought assets located in the city centre, the north and the south-east of Nuremberg for the Kingstone Wachstumsregionen Süddeutschland office fund.

Kingstone and Universal-Investment launched their first joint special property fund in June this year. The fund has a total investment volume target of around €300m and a debt ratio of no more than 50%.

Tim Schomberg, managing partner at Kingstone Investment Management, said: “The Nuremberg metropolitan region is characterised by economic growth and is considered to be a hidden champion in the real estate industry.

This is clearly reflected in the tenant structure of the properties we have acquired, making them an ideal fit for our fund strategy. I am also pleased that we have been able to allocate almost all of the capital raised within just four months and that we have already attracted additional investors for the next closing.”