Sonar Real Estate has acquired a mixed-use property in Stuttgart-Vaihingen from a project company of Weisenburger Projekt. The property is fully let on a long-term basis. The purchase price was not disclosed.
The deal is in Sonar's capacity as asset manager of the Stuttgarter Immobilien-Spezialfonds (SIS) of the Stuttgarter Versicherungsgruppe.
The acquisition of the completed property at Kupferstrasse 1-11 was made as a project development under a forward deal. The lettable space is approximately 12,000 sq m, of which approximately 4,000 sq m is in the office part of the property. This space is occupied by the accountancy and tax consultancy firm HWS.
The second part of the building complex is a 198-room hotel the Niu Kettle by Novum Hospitality.
GSK Stockmann and Masterplan advised the buyer on legal and technical matters. The seller was advised by Voelker & Partner.
The SIS Fund, launched by Institutional Investment Partners for the Stuttgarter Insurance Group, invests primarily in office and retail properties throughout Europe. Sonar is exclusively responsible for the acquisition and management of German properties.
What they said
Matthias Gerloff, managing partner fund management and investment solutions at Sonar, said: "With this property, we are strengthening the diversification of the portfolio through the SIS Fund's first investment in the hotel segment. In addition, by securing this project in Vaihingen at an early stage in the purchase agreement, the fund will able to benefit from the significant upgrading of this booming and fast-growing district of Stuttgart.”