Germany's Sonar Real Estate, in its capacity as asset manager of the Stuttgarter Immobilien-Spezialfonds (SIS) of the Stuttgarter Versicherungsgruppe, has acquired a mixed-use property in Stuttgart-Vaihingenfrom a project company of Weisenburger Projekt.
Financial details were not disclosed.
The acquisition of the completed property at Kupferstrasse 1-11 was made as a project development under a forward deal.
The lettable space is approximately 12,000 m2, of which approximately 4,000 m2 is in the office part of the property. This space is fully let to accountancy and tax consultancy firm HWS on a long-term basis.
Matthias Gerloff, managing partner fund management & investment solutions at Sonar, said: 'With this property, we are strengthening the diversification of the portfolio through the SIS Fund's first investment in the hotel segment.
'In addition, by securing this project in Vaihingen at an early stage in the purchase agreement, the fund will able to benefit from the significant upgrading of this booming and fast-growing district of Stuttgart.'
The second part of the building complex is a 198 bedrooms hotel 'The niu Kettle' by Novum Hospitality. An underground car park provides parking for 85 cars.
GSK Stockmann and Masterplan advised the buyer on legal and technical matters. The seller was advised by VOELKER & Partner.
The SIS Fund, launched by Institutional Investment Partners for the Stuttgarter Insurance Group, invests primarily in office and retail properties throughout Europe. Sonar is exclusively responsible for the acquisition and management of German properties.
