Investcorp has acquired the Kö Campus in Eschborn, Germany from Cilon, for about €86 mln.
The transaction follows Investcorp's purchase in the spring of an office campus in Stuttgart. The Bahraini investor said that it plans further acquisitions in Germany and Europe.
'Our European real estate team continues to ramp up its momentum in sourcing attractive deals for our clients,' said Rishi Kapoor, Co-Chief Executive Officer of Investcorp. 'This transaction represents an important milestone in our European real estate focused growth initiative, and is a testament to our confidence in the German market’s viability. We are continuing to explore a range of interesting investment opportunities in the country and more widely across the major cities in Europe.'
The Kö Campus consists of three office buildings totalling 40,000 m2. It was bought vacant by repositioning specialist Cilon, then repositioned and almost completely let out over the past years. In October 2017, the properties were exclusively marketed in a structured process by Savills and Oceans & Company.
Philipp Feldmann, managing director of Cilon, said: 'Through high-quality expansion, a complete renovation of the properties and a simultaneously low rent, there was a run on the rental space.'
