Hamburg-based Union Investment Real Estate has acquired the Step 9 office building in Stuttgart-Vaihingen for its Immo-Invest: Europa institutional real estate fund, in a transaction worth some EUR 13 mln. The vendor of the property, which was completed in 2004, is CLS. Step 9 is an efficiently designed building with usable space of 5,240 m[sup]2[/sup] and is almost fully let. Union Investment has obtained a rental guarantee from the vendor for the remaining space.
Hamburg-based Union Investment Real Estate has acquired the Step 9 office building in Stuttgart-Vaihingen for its Immo-Invest: Europa institutional real estate fund, in a transaction worth some EUR 13 mln. The vendor of the property, which was completed in 2004, is CLS. Step 9 is an efficiently designed building with usable space of 5,240 m2 and is almost fully let. Union Investment has obtained a rental guarantee from the vendor for the remaining space.
'For us, the Stuttgart property market is one of the key investment regions in Germany with its stable conditions for investment and low vacancies,' said Frank Billand, management board member of Union Investment RE.
Several office buildings have been constructed at the Stuttgart Engineering Park (STEP) since 1999 and let to leading technology companies such as Debitel, Lexmark and Deutsche Telekom. Union Investment acquired the Step 6 office property for its UniImmo: Global open-ended real estate fund back in 2006. The Stuttgart Engineering Park includes a conference building, known as the infrastructure building, with a restaurant, large fitness studio, a bistro and other amenities like a mini supermarket, hair salon, travel agency, dry cleaner's, daycare facility for children and a bank.
