Acquisition of an office property in Karlsruhe.

Asset with value-add potential is occupied by mid-market tenant mix.

Acquisition volume approximates 16.4 million euros.

Berlin, 18 October 2018. NAS Invest and BlueRock just acquired another office scheme in line with the strategy for their BR-NAS German Mittelstand Properties joint venture. The property of the core plus type is located in Karlsruhe and occupied on a long-term lease. It was sold by the insurance company Württembergische Versicherung. Immoraum Real Estate Advisors facilitated the transaction in an advisory role.

The property is centrally located in the southern district of Rüppurr and has excellent transportation access. The central railway station is conveniently reached via Ettlinger Allee, the street passing the property, and by light rail service. The nearest motorway junction (A5) is just a few minutes away. The gross lettable area of around 7,000 square metres is fully occupied. Head tenant is the MVZ Labor Diagnostik medical diagnostics institute.

“The property perfectly fits the requirements profile of our investment strategy. It boasts a diversified tenant base from Germany’s mid-market sector and offers an attractive capital appreciation potential,” said Nikolai Deus-von Homeyer, managing partner at NAS Invest. “The transaction demonstrates that we retain our market access even in a competitive environment.”

BR-NAS German Mittelstand Properties invests primarily in office buildings and medical centres in economically strong metro regions. The most recent acquisitions by the joint venture, which was set up in spring 2017, involved two mid-market properties in North Rhine-Westphalia.