Hamburg-based DIFA Deutsche Immobilien Fonds AG has acquired the STEP 6 office building in the Vaihingen district of Stuttgart for its DIFA-Global open-ended real estate fund, in a structured sales process managed by Bankhaus Ellwanger & Geiger. The total investment amounts to some €100 million. The vendor was STEP Stuttgarter Engineering Park GmbH, a subsidiary of Baden-Württemberg's state development agency (L-Bank).
Offering approximately 43,000 m² of space, the building is fully let to telecom service provider debitel AG until 2017.
"This acquisition continues our strategy of buying quality properties with long-term tenants," says Dr. Frank Billand, the DIFA board member responsible for real estate acquisitions and sales in Germany. The current letting ratio for DIFA-Global is 99.6%. "As well as investing in properties in America, Asia-Pacific and Europe that deliver strong returns, the Fund's portfolio strategy includes prime office buildings in Germany - one of Europe's most exciting commercial property markets," Billand explains.
STEP 6 forms part of the established STEP business park, which has enjoyed high letting levels for several years. The STEP concept features central infrastructure facilities for all employees that include shops, a restaurant, conference zone and other services, such as a travel agent and crèche. This 7-building business park is managed by STEP GmbH.
Vaihingen is particularly noted as a location for the automotive, software and computer sectors. STEP 6 benefits from excellent road links to Stuttgart airport, the new trade fair center, the city center and the motorway network. It is also well served by public transport.