Investcorp, a global provider and manager of alternative investment products, has sold its long leasehold interest in Bürocampus Wangen in Stuttgart, Germany to Art-Invest Real Estate for an undisclosed amount.
The off-market transaction marks Investcorp’s first continental European exit and the latest step in the firm’s broader pan-European real estate strategy.
Investcorp acquired the freehold interest in the Campus in 2018 from Beos Corporate Real Estate Fund Germany I, managed by Beos. Upon acquisition, Investcorp re-structured the title and sold the freehold to an institutional investor, retaining the long leasehold interest.
Located in the Stuttgart submarket of Wangen, the multi-let commercial campus comprises 12 office and research buildings and one DIY store across a 15-acre plot, providing a total area of 550,000 sq ft (51,000 m2). The Campus features good quality office buildings, state-of-the-art research and development, data centres, a restaurant, and conference rooms. It is home to several well-known tenants, predominantly in the technology and automotive sectors.
Commenting on the sale, Neil Hasson, managing director – head of Investcorp European Real Estate, said: 'We are pleased to see continued positive momentum within our European real estate portfolio with the first exit of a European asset. The sale demonstrates our expertise in identifying attractive assets in resilient sectors and our success in creating value through restructuring and active asset management. Having deployed more than €1 billion over a period of four years, we are committed to furthering our expansion in the region through high-value investments in the industrial space and peripheral urban office asset classes.'
Since launching its European real estate business in 2017, Investcorp has invested €1 bn into 80 properties across the UK, Germany, The Netherlands, Italy and Belgium.
