MANAMA: Bahrain-based Investcorp, an alternative investment manager, has acquired KO Office Campus, based in Eschborn, Germany from Cilon AG for approximately $99.3 million.
The newly-renovated KO Campus is a modern office property situated in the commercial area of Eschborn, part of the Frankfurt Rhein-Main urban area.
It comprises three office buildings spread over a 40,000sqm area and houses some well-known tenants across a diverse set of sectors, including manufacturing, retail and technology.
Investcorp co-chief executive Hazem Ben-Gacem said: “The company has a long history and an established track record of identifying valuable real estate acquisitions. This acquisition forms an exciting addition to our diversified portfolio of prime assets, and we believe that we are well-positioned to add value to this investment.”
“With a solid buy-and-build strategy in place, we believe we are on the right track to continue to identify opportunities in the sector,” he stated.
This is Investcorp’s second real estate investment in Germany, said a statement.
In April, Investcorp had announced its first German real estate deal, when it purchased the Bürocampus Wangen based in Stuttgart, in partnership with Continuum Capital Investment Management.
Both investments are part of a broader pan-European real estate strategy, following its initial focus on UK industrial and logistics assets, the firm added.
Commenting on the latest acquisition, Investcorp Real Estate Product Specialist managing director Babak Sultani said: “Following on Investcorp’s expertise in the US market, we are committed to expand our real estate footprint in Europe and Germany has always been considered an attractive market for us.”
“We believe that KO Campus and Burocampus Wangen are well-occupied, stable assets in two of the most dynamic markets,” he added.