Kingstone Investment Management has acquired the Paul Carré, a mixed-use complex in the city of Erlangen, Germany, from S&P Commercial Development GmbH, a subsidiary of Sontowski & Partner Group. The property, with total rentable space of 11,000m², is already fully leased out and under construction, with completion scheduled for the fourth quarter of 2021.
The new structure will bring together office, hotel and business tenants on a prime site in Paul-Gossen-Strasse, the main traffic axis directly opposite the new Siemens campus in Erlangen. The Friedrich-Alexander University of Erlangen-Nuremberg is within short walking distance, and Erlangen’s centre can be easily reached in just a few minutes by public transport. The purchase price was not disclosed.
“The Paul Carré benefits from its excellent location. The proximity to the Siemens campus and to the university creates strong synergies for a mixed-use complex. With this transaction, we are securing our investors a prime new property in a long-term attractive location,” said Dr. Tim Schomberg, Managing Partner of Kingstone IM.
“Our early success in leasing out space underlines the quality of this project. In recent years the city of Erlangen, which already has a vibrant economy, has continued to develop into a centre for innovation-based companies. The mix of user types in the Paul Carré will fit perfectly into this environment,” explained Sven Sontowski, Managing Partner of S&P Commercial Development GmbH.