BAHRAIN: Investcorp, a leading global provider and manager of alternative investment products, has completed the acquisition of Airport Centre, a multi-let office and light industrial property located in Hamburg, Germany for approximately € 85 million. [the_ad id=”31605″]The acquisition is Investcorp’s fourth real estate investment in Germany in the last 12 months and brings Investcorp’s total European real estate assets under management (AUM) to over € 500 million.
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 approximately € 325 million. This, combined with the acquisition of 27 logistic and light industrial assets in the U.K. over the past two years, brings Investcorp’s total AUM in Europe to over € 500 million.
Hazem Ben-Gacem, Co-Chief Executive Officer 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.”
Commenting on the acquisition, Babak Sultani, Managing Director, Real Estate Product Specialist at Investcorp, said: “We are pleased with our purchase of Airport Centre in Hamburg as it represents an important milestone that reflects our strategic vision to expand our footprint in Europe through investments in high quality assets underpinned by strong market fundamentals, such as the office market in Germany.
“In Europe, we will continue our focus on sourcing income generating multi-let assets, primarily in the U.K., Germany, France, Denmark and the Benelux market, with a preference for office and industrial assets.”
Montano Asset Management acted as a minority joint venture partner for the acquisition of Airport Centre and will serve as its asset manager.