Cordea Savills has invested in two German office assets – one of which was sold by BVK – for €120m.
The fund manager said it had bought the properties in Stuggart and Essen on behalf of institutional investors in its Real Invest 1 Spezialfonds.
The Stuttgart property, a 20,000sqm complex in the city’s central business district, was sold by BVK’s Bayerische Apothekenversorgung, the pension fund of Bavarian pharmacists.
The Friedrichs-Carré asset also includes retail and restaurant space.
In Essen, Cordea Savills bought the Glückaufhaus office building from a consortium of local sellers.
Cordea Savills said its spezialfonds, launched in September last year, now holds €160m of equity commitments from a group of German insurance companies.
The fund is focusing on modern office properties and mixed-use buildings in Germany’s top seven cities, with lot sizes of between €30m and €70m.
