Bahrain-based Investcorp has announced it has completed the acquisition of Airport Centre, a multi-let office and light industrial property located in Hamburg, Germany for about €85 million ($96.6 million).
The acquisition is Investcorp’s fourth real estate investment in Germany in the last 12 months and brings itss total European real estate assets under management (AuM) to over €500 million.
Airport Centre has 35,000 sq m of lettable space, of which 75 percent is office space and 25 percent light industrial and currently houses 32 tenants.
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 about €325 million.
This is in addition to the acquisition of 27 logistic and light industrial assets in the UK over the past two years.
Hazem Ben-Gacem, co-CEO of Investcorp, said: “This acquisition reflects our ability to identify great opportunities across the European real estate market. Moreover, we see the continued growth of our European real estate portfolio as key to realizing our strategy and mission to provide global investors with a vigorous and diversified portfolio of lucrative alternative investments.”
Babak Sultani, managing director, Real Estate Product Specialist at Investcorp, added: “In Europe, we will continue our focus on sourcing income generating multi-let assets, primarily in the UK, Germany, France, Denmark and the Benelux market, with a preference for office and industrial assets.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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