Alternatives investor Investcorp has confirmed buying the Lyoner Stern office building in Germany as part of its plan to expand beyond the US.
Last month, BlackRock Real Assets announced the sale of the 28,000sqm office building in Frankfurt to an unnamed buyer for an undisclosed amount.
BlackRock bought the Lyoner Stern office building in 2016.
Investcorp is buying the multi-let building with a €48m acquisition financing provided by Münchener Hypothekenbank.
Montano Asset Management, who advised on the acquisition, will serve as asset manager for the asset, Investcorp said today.
Launched in 2016, Investcorp’s European strategy aims to create a portfolio of income-generating assets for investors.
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.
Neil Hasson, managing director, head of Investcorp European real estate, said: “Over the past year, Investcorp has been looking for good properties within the major markets in Germany. As part of that strategy, we are delighted to announce the acquisition of Lyoner Stern.
”The building is situated in a well-established submarket of Frankfurt which, in recent years, has transitioned from a pure office location to a mixed-use area with growing residential and entertainment components.”