Investcorp completes €85m office deal in Hamburg (DE)

Investcorp completes €85m office deal in Hamburg (DE)

Investcorp has completed the acquisition of the Airport Centre, a multi-let office and light industrial property located in Hamburg, for c.€85m. The acquisition is the company’s fourth real estate investment in Germany in the last 12 months and brings its total European real estate AUM to over €500m. The scheme is located in close proximity from Hamburg airport on the Fuhlsbüttel Nord U-Bahn station. The property has 35,000m² 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.

 

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 have 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."

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