Aviva Investors has bought an office building in Germany on behalf of one of its clients.
The £355bn (€401bn) global asset manager has paid an undisclosed amount to buy the Rotebühlstrasse 121 office building in Stuttgart.
The fully-let asset, built in 1994, offers 14,750sqm of flexible office space and lettable space.
Grégoire Bailly-Salins, head of transactions Continental Europe, said Stuttgart is a city with strong knowledge-intensive business activity and demographics, coupled with some significant constraints on new development, putting a hard limit on the office supply.
“We believe this will lead to sustained rental growth in the long run, with assets such as Rotebühlstrasse 121.
“We are pleased to grow our investment footprint in Germany, on behalf of our clients, which remains a strategic target market for us.”
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