German institutional investor Deka Immobilien has bought two neighbouring properties in Stuttgart from property vehicle Office One, a subsidiary of Stuttgart-based developer Bülow.
Financial details were not revealed.
The assets were purchased for Deka's real estate special fund Domus Deutschland Fonds no. 2.
Office One, a six-storey office building with adjoining parking garage, comprises around 14,200 m2 of space and includes 318 car parking spaces. It was completed in May 2018. The space is fully let long-term to Trelleborg Sealing Solutions Germany.
The neighbouring hotel is currently under construction and should be completed in the first quarter of 2019. HR Group will operate the 3-star hotel with 193 rooms on a long term deal under the Accor brand Ibis Styles.
The office property has already achieved DGNB Gold certification for sustainable construction, with the hotel seeking the same energy rating. Both assets are located in the city's Synergie Park in Vaihingen, a key business park.
The assets mark Deka's first purchases for the fund.
