PIC Real Estate acquires business park in Nuremberg

PIC Real Estate, a joint venture between Pegasus Capital Partners and PIC Capital Partners, has acquired the Humboldt Business Park in Nuremberg from Siemens Technopark. 

Humboldt Business Park

The business park, located in the Steinbühl district of Nuremberg, comprises five buildings with around 32,000 m2 of lettable space on a 31,500 m2 plot. It is currently leased to various business and academic tenants. 
Pegasus is managing the financing, while PIC is overseeing the deal sourcing, operational implementation, and repositioning of the site, with a planned five-year development period. 
The total investment is in the mid-double-digit millions, with debt financing provided by VR TeilhaberBank Metropolregion Nürnberg and VR-Bank Mittelfranken Mitte.
Andreas Kurzer, managing director of PIC, said: “With the Humboldt Business Park, we are investing in an exceptionally well-connected and future-proof commercial area in the heart of our strong economic region. Nuremberg’s southern district is on the rise and developing into a hotspot that, in keeping with the best urban traditions, combines centrality, culture, and quality of life. Being able to acquire such a large, contiguous property in such an environment is extremely rare and demonstrates PIC Real Estate’s strong network in the local market.”
Martin Führlein, managing director of Pegasus, explained: “The location is compelling due to its central position, proximity to the main train station, and the surrounding area of rapidly growing global technology market leaders and research institutions. Through PIC Real Estate, we will gradually modernise the Humboldt Business Park and position it for the long term as an attractive location in a prime downtown Nuremberg location.” 
Siemens Technopark received advice on the transaction from KPMG Law Rechtsanwaltsgesellschaft, while PIC Real Estate was advised by Rödl & Partner. The acquisition was brokered by Colliers International Deutschland.