Real estate investor Conren Land has acquired a prime office building in the German city of Eschborn from global alternative investment firm Investcorp.
Financial details were not disclosed.
The Kö3 office building, part of the KöCampus, situated at Kölner Straße 3, was sold in an off-market deal.
Neil Hasson, managing director – head of Investcorp European Real Estate, said: 'Having realised our business plan, we are pleased to be selling the property to Conren Land. We look forward to continuing to invest in the Frankfurt area and growing our portfolio across Europe.'
Kö3 comprises a total leasable area of around 11,500 m2. The diversified tenant mix includes GLS IT Services and 11 other well-known companies from growth sectors such as IT and consulting. Of the total leasable area, around 10,500 m2 is office space and around 1,000 m2 is warehouse and ancillary space.
Built in 1992, KöCampus comprises three adjacently-located, self-contained office buildings (Kö3, Kö10 and Kö12) with an aggregate size of approximately 39,000 m2.
Each of the three properties is made up of seven office floors above ground and two basement levels used for parking and storage.
Over the last five years, the Eschborn market has experienced significant investments through the refurbishment of existing stock and the construction of new developments.
The area is expected to benefit from further investments with the Regionaltangente West suburban rail line due to complete in 2026, providing a direct cross-link to Frankfurt Airport.
Following significant refurbishment and modernisation by the Frankfurt-based project developer Cilon in 2017/18, Investcorp acquired KöCampus (Kö3, Kö10 and Kö12) in July 2018. Leasing momentum and tenant retention have been very strong since Investcorp’s acquisition.
As of August 2022, following pro-active asset management, the office space in all three properties is fully leased to a diversified range of 40 national and international tenants.
The sale of Kö3 follows the acquisition by Investcorp earlier this year of a Flemish Government Office and Marsh’s Belgian headquarters in Brussels, as well as IFAD’s headquarters in Rome.
