Investcorp remains focused on growing its footprint across Europe, the manager said today as it announced the acquisition of a €73m office complex in Germany.
The asset manager said it has bought the 30,000sqm Sunrise office asset located in the Unterhaching submarket of Munich.
The complex, built in 1993 and refurbished in 2017, is made up of four buildings, of which three are interconnected.
The property is currently 90% leased.
Neil Hasson, managing director - head of Investcorp European real estate, said: “The Munich office market represents an attractive investment opportunity given the combination of historically low vacancy, a limited supply pipeline and the city’s strong, underlying economy.”
Hasson said with a shortage of office space in Munich’s city centre, as well as other central business districts across Germany, Investcorp believes that there will be growing demand in submarkets for prime assets like Sunrise.
Since its launch in June 2017, Investcorp’s European real estate platform has grown its managed assets to €700m of which €400m is located in Germany across five assets.
Investcorp bought its first German real estate asset in April last year. In October the year before, Investcorp, which is seeking to expand its real estate activities beyond the US, completed its first European portfolio following the acquisition of seven additional assets in the UK.
“We are pleased with the progress we are making to expand our real estate portfolio across geographies.
“Looking ahead, we remain focused on identifying additional opportunities to drive value for our clients and grow our footprint across Europe, particularly in Germany, Benelux, the UK and Ireland.”