Investcorp has bought its first real estate asset in Germany as part of its plan to expand beyond the US.

The manager of alternative investment products has partnered with Continuum Capital Investment Management in Frankfurt, to buy Bürocampus Wangen for €80m.

The asset was acquired from Beos Corporate Real Estate Fund Germany I, managed by real estate firm Beos.

Bürocampus Wangen is an office campus situated in the commercial area of Stuttgart.

In October last year, 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.

Investcorp said the acquisition in Germany is part of its broader pan-European real estate strategy following its initial focus on UK industrial and logistics assets.

Launched in 2016, Investcorp’s European strategy aims to create a portfolio of income-generating assets for investors.

The campus is expected to be one of the seed assets of Investcorp’s upcoming European real estate portfolio, it said.

Mohammed Alardhi, an executive chairman of Investcorp, said: “This transaction represents the first investment in Germany by Investcorp and is a testament to our ongoing European real estate investment strategy and business. 

“Investcorp’s leading expertise position in the US market, combined with the continued activity of our European team proves that we are well-positioned to diversify and broaden our product offering to clients.”

Neil Hasson, a managing director at Investcorp’s real estate investment division in Europe said: “We continue to explore a range of interesting investment opportunities in Western Europe and look forward to executing further transactions in the months to come.”