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Bahrain-based Investcorp makes its first European exit

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This is the third major real estate deal that Investcorp has undertaken in continental Europe this month.

Bahrain-headquartered alternative investment company Investcorp has exited from its investment in a Germany-based multi-let commercial campus, according to a statement.

The company sold its long leasehold interest in Bürocampus Wangen (the Campus), located in the Stuttgart submarket of Wangen, to real estate development and investment company Art-Invest Real Estate.

This is Investcorp’s first European exit, the statement said. Financial terms of the deal were not disclosed.

The Campus is located in a 15-acre (653,400 square feet) plot with a total built area of about 550,000 square feet. It comprises 12 office and research buildings as well as a DIY store. Facilities at the Campus include state-of-the-art research and development space, data centres, a restaurant, and conference rooms.

Investcorp had previously acquired the freehold interest in the Campus from BEOS Corporate Real Estate Fund Germany I, managed by BEOS. The deal was valued at approximately EUR 80 million (about USD 93 million).

This was Investcorp’s first real estate investment in Germany. The acquisition was made in 2018, after which Investcorp re-structured the title and sold the freehold to an institutional investor. It retained the long leasehold interest.

The Campus is home to “several well-known tenants” from the technology and automotive sectors, the statement said.

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Investcorp is looking to expand further in continental Europe

“We are pleased to see continued positive momentum within our European real estate portfolio with the first exit of a European asset. The sale demonstrates our expertise in identifying attractive assets in resilient sectors and our success in creating value through restructuring and active asset management,” Neil Hasson, Managing Director, Investcorp European Real Estate, said.

Hasson added that Investcorp had deployed over EUR 1 billion (USD 1.16 billion) in investments over four years. He also said that the company was looking to further its expansion in continental Europe by making “high-value investments in the industrial space and peripheral urban office asset classes."

Investcorp’s European real estate business was launched in 2017. It has since made investments into 80 properties located in the UK, Germany, the Netherlands, Italy, and Belgium.

Earlier this month, it acquired two industrial assets in Scotland and the West Midlands for a combined price of EUR 15.5 million (about USD 18 million). In the same month, it also acquired Via Mecenate, 91, an office property near Milan’s Linate airport. Valued at EUR 70 million (about USD 81.5 million), the deal marked the company’s entry into Italy.

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