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Deal
Münchener Hypothekenbank is financing €65m of the investment as sole underwriter, in its first deal with NAS Invest.
Independent German investment and asset management company NAS Invest closed on its biggest deal and one of the city of Nüremberg’s biggest office transactions, when it bought the multi-tenanted Air Campus office property for €120m.
Münchener Hypothekenbank is financing €65m of the investment as sole underwriter, in its first deal with NAS Invest. Münchener Hyp’s Jan Polland said, “The transaction is a further part of our strategy to accompany even large-volume core-plus investments as a sole underwriter.”
The landmark property, in the Nordostpark business district on the Thurn-und-Taxis-Strasse, has more than 53,000 sqm of lettable space, with only a small fraction currently vacant. The main tenants are automotive and consulting firms. The office layouts are flexibly set up, and the property includes a five-storey car park. NAS describe it as a core-plus asset with value-added potential due to the stable rental income and future upgrades and refurbishments. NAS also plans big investment to re-position the building in the market.
NAS, with offices in Berlin, Frankfurt, Luxembourg and Zürich and a team of 30 staff, was advised in the transaction by Mittelstein Rechtsanwälte and Arcadis, while the seller was advised by White & Case LLP and Nexus Capital Advisors.
The location on the business campus enjoys very good public transport links to Nüremberg’s downtown district a few kilometers away, as well as good proximity to the A3, A6 and A9 motorways. As well as being close to the Siemens city of Erlangen, the sports shoe city of Herzogenaurach (home to both Adidas and Puma), and Fürth, the Nüremberg airport is just ten minutes away.
Nüremberg, the second-largest city in Bavaria, itself has a healthy high-tech sector, and the city has seen strong growth in office rents in recent years, driven by low vacancy rates and keen demand.
