PAMERA Cornerstone Real Estate Advisers has acquired the headquarters of Pepsico Deutschland for the Stuttgarter Immobilien-Spezialfonds. The building was developed by Red Square and constructed in partnership with Merkur Development Holding. The parties have agreed not to disclose the purchase price. GSK Frankfurt acted for the purchaser, Savills and lawyers HauckSchuchardt for the vendor.
The individual real estate fund, launched by Institutional Investment Partners for the Stuttgarter insurance group in 2012, invests primarily in retail and office property. PAMERA Cornerstone is responsible for the acquisition and management of the German real estate.
The property, at Hugenottenstrasse 173 in Neu-Isenburg, is a six-storey office building, completed in summer 2014. It comprises 6,060 m² of office accommodation and about 330 m² of storage and filing space. The main tenant, with a long-term lease, is PepsiCo Deutschland. The remaining space is let to UBL, also on a long lease.
Gunther Deutsch, director of PAMERA Cornerstone Real Estate Advisers, comments on the further development of the location: “Neu-Isenburg’s attractiveness as an office and investment location will continue to increase. The mixture of commercial area with residential accommodation initiated by the town of Neu-Isenburg has made a major contribution to the urbanization and further growth in the attractiveness of the location. This ensures robust potential for value growth, while providing a secure rental return.”
Source: PAMERA Cornerstone