NAS Invest has acquired a multi-tenant office property in Nuremberg, Germany for €120m. The asset is located on Thurn-und-Taxis-Strasse in the well-established Nordostpark business campus and benefits from close proximity to Nuremberg, Erlangen, Herzogenaurach and Furth. The scheme is easily accessible by private and public transport via A3, A9 and A6, and benefits from a short commute to Nuremberg Airport.
The property is classified as a core-plus asset with value-added potential due to the stable rental income, on the one hand, and the value-added potential through upgrades and refurbishments, on the other hand. A small fraction of the floor area is currently vacant. Besides reducing the vacancy NAS plans extensive investments to strengthen the market position of the building.
Being the second-largest city in the German state of Bavaria and home to a large high-tech sector with many hidden champions of the mid-market sector, Nuremberg offers lucrative investment opportunities in the office real estate segment. Office rents have been subject to brisk growth in recent years, driven by keen demand for space and low vacancy levels. Tenants in this segment include renowned automotive and consultancy firms.
