Real IS has acquired the TechPark E.17 office property in Erlangen-Tennenlohe, Germany, for a club of institutional investors.
The office property is part of the Erlangen-Tennenlohe business park, and provides around 11,500 m2 of space. The seller is developer Sontowski & Partner Group. The parties agreed to keep the purchase price confidential.
E.solutions, a technology company from the automotive sector, is the sole tenant of the four-storey building. Upon completion, the property will occupy the business park’s last vacant site.
'The sale of the development before its completion highlights the potential of the building and its location in Erlangen,' said Sven Sontowski, managing director of S&P Office Development.
The fund buying the asset mainly invests in office and retail properties, with a focus on Germany's economically attractive regions. The fund’s target volume amounts to €300 mln.
