Corestate’s Hannover Leasing subsidiary has acquired the Weitblick 1.7 project development in Augsburg’s Innovation Park for a closed-end domestic fund for institutional investors.
Hannover Leasing is paying €85 mln for the asset, which is largely pre-let to well-known companies in the research and development sector. The seller is a joint venture of local developers Audax and Leitwerk.
Hannover Leasing is providing asset and fund management for the property, which will be transferred after completion in the second quarter of 2021.
The ‘Augsburg Innovation Park’ is expected to become one of the largest parks of its kind in Europe and will combine living, working and housing on an area of around 70 hectares.
‘Our excellent regional market access has given our investors access to the top property Weitblick 1.7., which stands out for its high-tech and, above all, sustainability features. As part of Augsburg’s Technology Park and under the management of our experienced team, it will prove to be an attractive and profitable long-term investment for our institutional clients,’ said Nils Hübener, CIO of Corestate.
‘The Weitblick 1.7 property is characterised not only by excellent quality, a long-term cash flow profile and a stable tenant mix, but also by many innovative technical and sustainable solutions. Together with the reliable and highly experienced project developer Audax, in collaboration with Leitwerk as general planner, we were thus once again able to create an attractive investment for our institutional clients,’ added Sebastian Hartrott, managing director of Hannover Leasing.
Colliers brokered the deal.
