Investcorp European real estate assets hit €500m following acquisition of Airport Centre in Germany

24 Jun 2019

Investcorp, a leading global provider and manager of alternative investment products, is pleased to announce it has completed the acquisition of the Airport Centre, a multi-let office and light industrial property located in Hamburg, for approximately €85m. The acquisition is Investcorp’s fourth real estate investment in Germany in the last 12 months and brings Investcorp’s total European real estate assets under management (AUM) to over €500 million.

Airport Centre is located a short distance away from Hamburg airport on the Fuhlsbüttel Nord U-Bahn station. The property has 35,000 sq. m. of lettable space, of which 75% is office space and 25% light industrial. It currently houses thirty-two tenants across a diverse set of sectors and has demonstrated a strong occupational history since construction.

The purchase of Airport Centre closely follows the acquisitions of office buildings located in Stuttgart, Eschborn and Niederrad, bringing Investcorp’s total AUM in Germany to approximately €325 million. This, combined with the acquisition of 27 logistic and light industrial assets in the U.K. over the past two years, brings Investcorp’s total AUM in Europe to over €500 million.

Rishi Kapoor, Co-Chief Executive Officer of Investcorp, said: “The continued growth of our European real estate portfolio is key to achieving our mission to serve investors worldwide with a diversified portfolio of attractive alternative investments. We see great opportunities in specific sub-sectors of the European real estate market and have ambitious plans for the years ahead.”

Commenting on the acquisition, Neil Hasson, Managing Director - Head of Investcorp European Real Estate, said: “We are delighted to announce the purchase of Airport Centre in Hamburg. This acquisition is an important milestone as we continue to execute our strategic vision to expand our presence in Europe and grow our AUM. We believe that the German office market has good fundamentals and we expect that our portfolios will exhibit a good return profile for our investors.

“We are primarily focused on sourcing income generating multi-let assets within the U.K., German, French, Dutch and Benelux markets with a preference for office and industrial assets. I am pleased to see the continued momentum across our European real estate portfolio and look forward to working through an attractive pipeline of new investment opportunities.”

Montano Asset Management acted as a minority joint venture partner for the acquisition of Airport Centre and will serve as its asset manager.