Financial details were not disclosed.

Located in Mainz, Germany, Business Campus Mainz is a 44,000 m2 modern office campus with a high diversity of tenants.

Quilvest acquired the property in 2015 alongside Boxberg Capital. Since its acquisition, Quilvest significantly modernised the property to current market standards. Renovations included creating a new canteen, upgrading lobbies and common indoor areas, developing the car park, and improving the external landscaping.

Quilvest also undertook a significant marketing drive to enhance the property’s brand awareness to potential tenants and pursued several sustainability initiatives, including securing the DGNB Gold and Wired Score Gold certifications.

Patrick Laroche, principal at Quilvest, commented: 'We are delighted to have been part of Business Campus Mainz’s remarkable growth journey. We have significantly developed and upgraded the Property, making it an attractive asset for its future owner and long-term tenants.

'We are very pleased that we have achieved a significantly increased stabilised occupancy of over 90%, up from 55% when we first invested. We have extended lease durations by more than half and increased the property’s NOI by over 50% since its acquisition.

'This is an excellent example of a typical Quilvest deal; we sourced an attractive asset with improvement potential at the right price and focused on operational, management and capital improvements to add value for all stakeholders.'

Quilvest Capital Partners invests in real estate across Europe and the US, focusing on what it calls 'inefficient niches within niches' in the lower mid-market, where risk is mispriced and competition scarcer.

Since its inception in 2012, the team has acquired $1.2 bn (€1.1 bn) of real estate across 30 transactions.