Real IS has acquired a 7,400sqm office and retail building in Germany for an undisclosed amount.
The real estate investment firm said it bought the fully-let Forum 1 building in Böblingen to the south-west of Stuttgart from Buss Immobilienfonds 2.
Built in 2011, the five-storey building offers around 5,500sqm of office space over four floors and retail space of approximately 1,300sqm on the ground floor, as well as around 600sqm of archive space in the basement.
Axel Schulz, global head of investment management at Real IS, said: “The popular region south of Stuttgart is becoming increasingly important for housing and for industry. Böblingen airfield which covers an area of 80 hectares is currently the largest urban development programme in southern Germany.
“Forum 1, in particular, will be among the winners of the development. The conditions of the purchase had already been discussed before the COVID-19 crisis and remain attractive.”