German investment manager NAS Invest has acquired a multi-tenant office property close to Nuremberg for €120 mln.
The core-plus property is located in the well-established Nordostpark business campus and connected via public transport links to the town centre of Nuremberg just a few kilometres away.
It is classed as a core-plus asset with value-add potential. A small amount of floor area is currently vacant. NAS announced that it plans to reduce vacancy and to invest in upgrading the building.
Nuremberg is the second-largest city in the German state of Bavaria and is home to a large high-tech sector, offering lucrative real estate investment opportunities.
Office rents have been subject to brisk growth in recent years, driven by high demand for space and low vacancy levels.
NAS was advised in the transaction by Mittelstein Rechtsanwälte and Arcadis. The seller was advised by Andreas van den Eikel (White & Case LLP) and Nexus Capital Advisors.
