German property group Corestate has acquired the Vision One office campus, a new construction project in the Stuttgart metropolitan region, on behalf of a closed-end special AIF, for around €160 mln.
The group of investors behind the fund comprises a small number of institutional investors from the insurance and pension fund sector, as well as a church supplementary pension fund. The seller and project developer of the property is a wholly owned subsidiary of Bülow AG.
Vision One is a 5-storey complex with a lettable area of around 25,000 m2, an underground car park with 446 parking spaces plus 17 outdoor spaces. The new building has been under construction since Q4 2018 and will be completed in Q4 2021.
Corestate's Hannover Leasing subsidiary will act as capital management company and will also provide asset management services for the property.
Laurent Rucker, head of real estate investment, Hannover Leasing said: 'Vision One offers everything that we, as an investment partner, want for our investors. This includes not only a very good location in the south of Stuttgart, but also DGNB Gold certification, various e-parking spaces and long-term leases of between 5 and 25 years with a highly diversified mix of tenants from sectors such as IT, automotive, leasing and business apartments. Our investors have benefited in particular from an attractive return in the current overall core market.'
Sebastian Hartrott, managing director, Hannover Leasing, added: 'The close proximity to the airport and to Stuttgart's exhibition grounds makes the property a particularly compelling proposition. Vision One is located in a high-profile neighbourhood between the German headquarters of the audit firm EY, Daimler's new trucks and IT buildings and the future headquarters of Allianz. The high-quality office complex is given an additional boost by the infrastructure project Stuttgart 21 with the planned new "Filderbahnhof" ICE station at the airport, a direct connection to the A8 and B27 motorways, the expansion of the U6 underground line and the various public transport connections to the city centre.'