KINGSTONE Real Estate has acquired an office building at Waldburgstrasse 17 and 19 in Stuttgart in an off-market transaction for the real estate fund "KINGSTONE Wachstumsregionen Suddeutschland". The vendor is a joint venture between Peakside Capital and Partners Group. The purchase price was not disclosed.
The building is situated in the direct vicinity of Stuttgart-Vaihingen railway station and comprises around 6,200m² of rental space. It was built in 1987 and comprehensively refurbished in 2016. The tenants are different firms from the service and advertising sectors, as well as the University of Stuttgart. The office space is 100% let.
Dr. Tim Schomberg, Managing Partner of KINGSTONE Real Estate, said: "The Stuttgart region is one of the driving forces in Germany's economy. In this regard, the district of Vaihingen scores not only as a university location but also through its close proximity to renowned technology firms. For this reason, we consider the local sub-market to be an attractive long-term investment location."
Simon Lutz, partner at Peakside, added: "The office building was part of the Omega portfolio that we acquired for Peakside Real Estate Fund III in 2020. We have already achieved the asset management targets for about a third of the properties in the portfolio. They were sold to long-term portfolio holders; further sales are in preparation. The transaction in Vaihingen has again proven the value of the assets in the portfolio."
