KINGSTONE and Universal-Investment acquire three properties in Nuremberg for special property fund

KINGSTONE Investment Management has acquired three properties in Nuremberg, Germany, with approximately 31,200 square meters (336,000 square feet) for the KINGSTONE Wachstumsregionen Süddeutschland fund.

The properties, which have a purchase volume of approximately €90 million ($99 million), are located in the city center, the north and the south-east of Nuremberg. The office and business park buildings are almost fully leased. Tenants include a listed German insurance company and a large, listed technology group.

KINGSTONE IM and Universal-Investment launched their first joint special property fund in June this year. The fund has a total investment volume target of around €300 million ($330 million) and a debt ratio of no more than 50 percent.

Dr. Tim Schomberg, managing partner at KINGSTONE IM, said, “The Nuremberg metropolitan region is characterized by economic growth and is considered to be a hidden champion in the real estate industry. This is clear