Europa Capital and Accumulata Real Estate Investment Management have acquired the Horizon II office building in Stuttgart-Vaihingen from a property company managed by JP Morgan Asset Management.
The 18,000 sq m office building on Synergie Park is nearly fully occupied but has a WALT of only one year which will enable Europa to reposition the building once the tenants have vacated.
Works on the building’s complete renovation will start in the summer of 2022. The office space, façade, underground parking will be renewed and the building’s sustainability credentials will be enhanced.
R&D investment in Stuttgart is higher than at any other location in Europe, and represents about 25% of the total volume invested across Germany.
Europa Capital partner and fund manager Jason Oram said that although the future of the office has been questioned by some Europa believes there are still opportunities for high quality offices in the right locations.
“Stuttgart is experiencing a renaissance. Renowned for its association with the automotive industry, the city is benefitting from a substantial amount of R&D investment as the car industry shifts to electric power and driverless technology. We expect this to translate into significant future demand for high quality office space,” he said.