Manama, October 19 (BNA) Investcorp, the global provider and manager of alternative investment products, announced today that it has sold its long-term leasehold stake in Bürocampus Wangen (“Campus”) in Stuttgart, Germany, to Art-Invest Real Estate. . This transaction marks Investcorp’s first continental European exit and the latest step in the company’s comprehensive real estate strategy for Europe.
Investcorp acquired a freehold interest on the campus in 2018 from BEOS Corporate Real Estate Fund Germany I, which is managed by BEOS. Upon acquisition, Investcorp restructured the property and sold the freehold to an institutional investor, while retaining the right to a long-term lease.
Located in the Stuttgart submarket in Wangen, the multi-rent campus consists of 12 office and research buildings and one DIY shop across a 15-acre plot, providing a total area of 550,000 square feet. The campus features good quality office buildings, state-of-the-art research and development, data centers, a restaurant, and conference rooms. It is home to many well-known tenants, mostly in the technology and automotive sectors.
“We are pleased to have recorded the first European real estate exit since entering Europe in 2017. This is a true testament to our continued implementation of our strategy to target attractive and stable real estate assets in markets backed by strong fundamentals, where we can create value to all of our stakeholders.
This transaction underscores our ability to identify and implement attractive investment opportunities to deliver value to our clients. “We are pleased to complete this successful exit, and to deliver strong returns in a challenging economic environment,” said Mohammed Al-Sada, Bahrain and Kuwait President of Investcorp’s Wealth.
Since launching its European real estate business in 2017, Investcorp has invested nearly €1 billion in 80 properties across the UK, Germany, the Netherlands, Italy and Belgium.
FKN