Mandar development near Munich Image: Garbe
Garbe Institutional Capital has made the first purchase for its open-ended alternative investment fund, Garbe Science and Technology Real Estate Fund1.
The company has acquired the technology asset “Mander” near Munich from Esto Group for its new science and technology fund.
The fund was launched with Capital Management Company (KVG) Itreal and is structured as a club deal of institutional investors.
Mander is located in an established innovation cluster between Oberpfaffenhofen and Gilching near Munich. The new building is being developed primarily for the tenants of the Research and Development Sector (R&D).
The Mander comprises 245 car parking spaces with approximately 18,100 sqm gross floor area (GFA) and 100 charging points for electric vehicles. The building in Zeppelinstrasse is already 84 percent late and is scheduled for completion by the end of 2022. Tenants include many well-known technology companies in the aerospace industry. These include ABB, Quantum-Systems and VectoFlow. Esto Group will also set up its headquarters at Mander.
In its development, Esto Group focuses on sustainable energy supply. Currently, it is preparing to enter the field of geothermal energy supply in collaboration with industrial partners. Clean energy from a nearby borehole with a capacity of 14 MW is expected to cut annual CO2 emissions by 30,000 tonnes per year.
Eckhardt Fabian, Managing Director of Esto Group, says: “‘Esto Mander’ provides ideal conditions for technology-savvy companies and future-oriented jobs. Tenants are offered with highly flexible layouts, attractive work environments and proximity to our technology and aerospace cluster There is a profit. The initial sale of the property to a renowned investor emphasizes the attractiveness of its concept. As part of a long-term partnership with Garbe Institutional Capital, we will continue to manage the building after it is completed.” Since 2007, Esto Group has been developing an innovation cluster in Oberpfaffenhofen and Gilching, with a focus on aerospace technology. Meanwhile, over 120 companies have settled on the site.
Thomas Kallenbrunnen, Managing Director of Garbe Institutional Capital, says: “With Mander, our investors benefit from a strongly growing research and development sector. The building is particularly attractive because of its location in the Innovation Cluster.”
The forward deal marks the first purchase for Garbe Straf #1 with a total target investment volume (GAV) of approximately EUR 400 million. The investment objectives of this AIF are defined by a tenant-oriented investment approach: all assets should be used primarily for research and development, and third-party utility is the most important investment criterion.