La Française Real Estate Partners International has acquired, on behalf of two La Française collective real estate investment vehicles, an office property located, at Mittlerer Pfad 13-15, in Stuttgart Weilimdorf.
Stuttgart is one of the leading office locations in Germany, characterized by low vacancy and stable rents.
The 30.270 m2 office complex comprises two buildings. The main building, built in 1993, provides a lettable area of 22.960 m2 over six stories. The annex, built in 2001, offers 7.310 m2 of lettable area over five stories. Both buildings are let to the car manufacturer, Dr. Ing. h.c. F. Porsche AG, under a 9.5 year lease.
Jens Goettler, Managing Director for Germany, La Française Real Estate Partners International, said: “This is our second acquisition in Stuttgart for La Francaise collective real estate investment vehicles and we are expecting rents to increase in this area. Due to the low level of construction in the area and the stability of demand, vacancy rates should remain low which could contribute to generating interesting long-term returns. This is the fourteenth acquisition made in Germany for our French parent’s collective real estate investment vehicles. We now have a total of twenty assets in Germany representing over ca. €800m.”