Stuttgarter Versicherungsgruppe has bought a Frankfurt office property through its Stuttgarter Immobilien-Spezialfonds (SIS) vehicle.
The fund, a division of the insurance firm, invested in PepsiCo’s German headquarters in Neu-Isenberg through Pamera Cornerstone.
SIS, launched in 2012 for the Stuttgarter insurance group, invests in retail and office property.
As reported last year, Cornerstone Real Estate Advisers took on €1bn in office and retail assets, as well as five offices and 38 staff in Germany after buying Pamera Asset Management.
Cornerstone bought Pamera to launch real estate products in Germany for domestic and international investors, focusing on core and value-added markets.
The 6,060 sqm PepsiCo building, developed by Red Square and Merkur Development Holding, is near Frankfurt airport and occupied by UBL.
Gunther Deutsch, director of Pamera Cornerstone, said the area was expected to increase in popularity as an office and investment location.
“The mixture of commercial area with residential accommodation initiated by the town of Neu-Isenburg has made a major contribution to the urbanisation and further growth in the attractiveness of the location,” Deutsch said.
“This ensures robust potential for value growth, while providing a secure rental return.”