German REIT Alstria has acquired a 8,600 m2 office complex in Stuttgart for €20 mln.
German REIT Alstria has acquired a 8,600 m2 office complex in Stuttgart for €20 mln.
The Stadtterrassen building is currently fully let to the State of Baden-Wurttemberg for a further three-and-a-half years and generates an annual rental income of €1.7 mln.
The transaction, which is still subject to standard closing condition precedent, will close on 1 July 2013. The vendor has not been disclosed.
Asset manager Bilfinger Real Estate Argoneo, which has managed the property since 2009, co-ordinated the transaction process on behalf of the seller. The transaction was brokered by Colliers International Stuttgart.
