Aviva Investors, the global asset management business of insurer Aviva, has acquired an office building in Stuttgart, Germany, on behalf of one of its clients. Financial details were not disclosed.
Built in 1994, Rotebühlstrasse 121 offers 14,750 m2 of flexible office space and high-quality lettable premises. It is located in the centre of Stuttgart in front of the S-Bahn station Schwabstrasse. The property is fully let to several high-quality corporate tenants.
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.'
In this transaction, Aviva Investors was advised by Colliers, DLA Piper and CBRE. The Seller was advised by BNP Paribas Real Estate and GSK Stockmann.
