Acquisition of a multi-tenant office scheme with value add potential in Nuremberg
Main occupiers are renowned automotive and consultancy firms of Germany’s mid-market sector
Frankfurt am Main, 02 July 2019. NAS Invest just acquired a multi-tenant office property in Nuremberg. The total investment costs amount to 120 million euros.
The property is located on Thurn-und-Taxis-Strasse in the well-established Nordostpark business campus and perfectly connected via public transport links to the town centre of Nuremberg just a few kilometres away. The property is easily accessible by road-bound transportation from the A3, A9 and A6 motorways. The cities of Erlangen, Herzogenaurach and Fürth are just a few minutes away. The commute to Nuremberg Airport takes just ten minutes by car.
The property is classified as a core-plus asset with value-added potential due to the stable rental income, on the one hand, and the value-added potential through upgrades and refurbishments, on the other hand. A small fraction of the floor area is currently vacant. Besides from reducing the vacancy NAS plans extensive investments to strengthen the market position of the building..
Being the second-largest city in the German state of Bavaria and home to a large high-tech sector with many hidden champions of the mid-market sector, Nuremberg offers lucrative investment opportunities in the office real estate segment. Office rents have been subject to brisk growth in recent years, driven by keen demand for space and low vacancy levels. Tenants in this segment include renowned automotive and consultancy firms.
NAS was advised by Mittelstein Rechtsanwälte and Arcadis, the seller by Andreas van den Eikel(White & Case LLP) and Nexus Capital Advisors GmbH & Co. KG. The notarisation was executed by Dr. Heiko Jäkel (bhp Rechtsanwälte und Notare).