NAS Invest has acquired a multi-tenant office property in Nuremberg for close to €120m.
Air Campus is located on Thurn-und-Taxis-Strasse in the Nordostpark business campus.
NAS Invest said it was a core-plus asset with stable rental income, but had “value-added potential through upgrades and refurbishments”.
The company plans to resolve a “small fraction” of vacancy and to invest in the building to strengthen its “market position”.
“Being the second-largest city in the German state of Bavaria and home to a large high-tech sector with many hidden champions of the mid-market sector, Nuremberg offers lucrative investment opportunities in the office real estate sector,” NAS Invest said.
“Office rents have been subject to brisk growth in recent years, driven by keen demand for space and low vacancy levels. Tenants in this segment include renowned automotive and consultancy firms.”