UK fund manager New Star Asset Management has bought an office and administrative complex in Stuttgart, Germany, for EUR 130 mln from Sachwert Rendite-Fonds Deutschland, a closed-end fund launched by Hamburg-based MPC Munchmeyer Peterson Capital.
UK fund manager New Star Asset Management has bought an office and administrative complex in Stuttgart, Germany, for EUR 130 mln from Sachwert Rendite-Fonds Deutschland, a closed-end fund launched by Hamburg-based MPC Munchmeyer Peterson Capital.
New Star was advised on the deal by CB Richard Ellis, which will also manage the property. The 60,000 m2 building is wholly let to GMG General Mietgesellschaft, a subsidiary of Deutsche Telekom which has in turn sublet space to various companies affiliated to the telecoms group.
