Global private equity firm Carlyle Group said on Wednesday it has acquired the building occupied by Dutch telecoms firm Versatel in Stuttgart, Germany, from German energy supplier EnBW for an undisclosed amount. Carlyle plans to build a modern retail and office complex on the site, once the lease contract with Versatel ends in 2009. The existing building will be knocked down and the area rebuilt, the company said in a statement.

Global private equity firm Carlyle Group said on Wednesday it has acquired the building occupied by Dutch telecoms firm Versatel in Stuttgart, Germany, from German energy supplier EnBW for an undisclosed amount. Carlyle plans to build a modern retail and office complex on the site, once the lease contract with Versatel ends in 2009. The existing building will be knocked down and the area rebuilt, the company said in a statement.

'We are aware of the significance of this project to the city of Stuttgart. Carlyle will therefore be working very closely with the public authorities. The Versatel building occupies a prime site itself located in one of the strongest and most stable economic regions in Germany,' said managing director Wulf Meinel. Investment bank Ellwanger + Geiger handled the transaction, and Carlyle was advised by law firm Poellath and technical advisors King Sturge.