German asset management boutique Kingstone Investment Management has acquired a mixed-use complex in the city of Erlangen, Germany, from S&P Commercial Development, a subsidiary of Sontowski & Partner Group.
Financial details were not disclosed.
Kingstone acquired the 11,000 m2 complex on behalf of the Kingstone Wachstumsregionen Süddeutschland fund, which invests in real estate in growth regions within southern Germany.
The under-construction asset, comprising office, hotel and retail space, is already fully leased.
'The Paul Carré benefits from its excellent location. The proximity to the Siemens campus and to the university creates strong synergies for a mixed-use complex. With this transaction, we are securing our investors a prime new property in a long-term attractive location,' said Tim Schomberg, managing partner of Kingstone IM.
Erlangen-based S&P Commercial Development pre-signed lease agreements for the new complex in the summer of 2019, on lease terms for the major tenants of at least 15 years.
'Our early success in leasing out the space underlines the quality of this project. In recent years the city of Erlangen, which already has a vibrant economy, has continued to develop into a centre for innovation-based companies,' said Sven Sontowski, managing partner of S&P Commercial Development.
The Paul Carré marks the eighth deal for the Kingstone Wachstumsregionen Süddeutschland fund. Targeting institutional investors, the fund was launched in the summer of 2019 with a planned volume of at least €300 mln.
