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Hannover buys €85m asset on Augsburg Innovation Park

Corestate subsidiary Hannover Leasing has acquired the state-of-the-art Weitblick 1.7 in Augsburg’s Innovation Park, paying the joint venture developers Audax GmbH and Leitwerk AG around €85 million for the asset.

The 17,300 sq m building has been bought on behalf of  a closed-end domestic special AIF aimed predominantly at institutional investors including savings banks and insurance companies. Hannover Leasing will provide asset and fund management services.

The building is already largely leased to well-known companies in the research and development sector, Corestate said in a statement.

The property includes innovative technical and sustainable features such as a digitalised building control system and palm vein scanners at the building’s entrances. The sustainable and energy-efficient construction which includes a photovoltaic system installed on the roof and electrochromic glass, has enabled the design team to achieve a LEED Platinum certification.

Augsburg Innovation Park is located close to the city centre and at 70 hectares is one of the largest parks of its kind in Europe. The campus site combines living, working and housing and the project includes a day care centre and conference area.

The transfer of ownership will take place after completion in the second quarter of 2021.

“The Weitblick 1.7 property is characterised not only by excellent quality, a long-term cash flow profile and a stable tenant mix, but also by many innovative technical and sustainable solutions,” said Hannover Leasing managing director Sebastian Hartrott.

King & Spalding and Brand Berger advised Hannover Leasing, while Arnecke Sibeth Dabelstein and Colliers International advised the vendor.