alstria office REIT-AG, the leading German office REIT, announces the acquisition of a fully-let asset in downtown Stuttgart.
The asset known as Stadtterrassen will be acquired for an All-in-cost of around €20 mln. The transaction, which is still subject to standard closing condition precedent, will close on July 1, 2013.
The building is currently fully let to the State of Baden-Württemberg and generates an annual rental income of €1.7 million. It will contribute around €750 k to alstria’s FFO in 2013.
Asset manager Bilfinger Real Estate Argoneo, who managed the property since 2009, coordinated the transaction process on behalf of the seller. The transaction was brokered by Colliers International Stuttgart.