Fund manager Cordea Savills has acquired two properties in Stuttgart and Essen for a combined volume of over €120 mln on behalf of its institutional fund, Cordea Savills Real Invest I.

Fund manager Cordea Savills has acquired two properties in Stuttgart and Essen for a combined volume of over €120 mln on behalf of its institutional fund, Cordea Savills Real Invest I.

In Stuttgart, Cordea Savills has bought the Friedrichs-Carré, a 20,000 m2 office complex completed in 2002 with retail units and restaurants on the ground floor. The property, which is virtually fully leased, was acquired from a fund managed by Bayerischen Versorgungskammer (BVK), Germany's largest public-sector pension plan administrator.

JLL advised on the transaction.

In Essen, Cordea Savills has purchased the 17,000 m2 Glückaufhaus office property from a local group of investors. The building, which was completed in 2009, serves as the head office of IT systems firm Ifm.

CMS Hasche Sigle advised on the legal side for both deals.

Launched a year ago, the Cordea Savills Real Invest I fund now has over €160 mln in equity commitments. The transaction in Stuttgart and Essen is its second following the purchase in September 2013 of Dortmunder U - Das Viertel in Dortmund.

The fund’s strategy is focused on offices and mixed-use buildings in the top seven German cities, with lot sizes of between €30 and €70 mln.