CLS is pleased to announce the sale of the office building STEP 9 in Stuttgart-Vaihingen to Union Investment Real Estate AG for €12.8 million. The property was acquired in 2006 for €11.4 million.
STEP 9 is a five-story multi-let office building located in the Stuttgarter Engineering Park in Stuttgart-Vaihingen and produces an income of €827,222 per annum, representing a net initial yield of 6.4%.
The property was purchased by Union Investment Real Estate AG for their institutional fund Immo-Invest Europe.
Executive Chairman of CLS, Sten Mortstedt, commented, "We are happy to have sold this asset at an attractive price in the current
market. It reflects the quality and value of our portfolio."
Source: Hansard Group