Sonar buys mixed-use property in Stuttgart for SIS special fund

Sonar buys mixed-use property in Stuttgart for SIS special fund

Sonar Real Estate has acquired a mixed-use property in Stuttgart-Vaihingen from a project company of Weisenburger Projekt GmbH for the Stuttgarter Immobilien-Spezialfonds (SIS) fund.

The property is fully let on a long-term basis. The parties have agreed not to disclose the purchase price.

Matthias Gerloff, Managing Partner Fund Management & Investment Solutions at Sonar Real Estate, said: “With this property, we are strengthening the diversification of the portfolio through the SIS Fund’s first investment in the hotel segment. In addition, by securing this project in Vaihingen at an early stage in the purchase agreement, the fund will able to benefit from the significant upgrading of this booming and fast-growing district of Stuttgart.”

The acquisition of the completed property at Kupferstrasse 1-11 was made as a project development under a forward deal. The lettable space is approximately 12,000 sq m, of which approximately 4,000 sq m is in the office part of the property. This space is occupied by the accountancy and tax consultancy firm HWS.

The second part of the building complex is a 198 bedrooms hotel “the niu Kettle” by NOVUM Hospitality. An underground car park provides parking for 85 cars.

GSK Stockmann and Masterplan advised the buyer on legal and technical matters. The seller was advised by VOELKER & Partner.

The SIS Fund, launched by Institutional Investment Partners for the Stuttgarter Insurance Group, invests primarily in office and retail properties throughout Europe. Sonar is exclusively responsible for the acquisition and management of German properties.

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