19 Oct 2021
Investcorp, a leading global provider and manager of alternative investment products, today announced that it has sold its long leasehold interest in Bürocampus Wangen (“the Campus”) in Stuttgart, Germany to Art-Invest Real Estate. The 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 is comprised of 12 office and research buildings and one DIY store across a 15-acre plot, providing a total area of c.550,000 sq ft. 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 approximately €1 billion into 80 properties across the UK, Germany, The Netherlands, Italy and Belgium.