Corestate has acquired the Vision One office construction project in Leinfelden-Echterdingen, Stuttgart metropolitan region, for a closed-end special AIF. Around €160 million has been paid for the asset.
Vision One is a five-storey complex with a lettable area of around 25,000 sq m and underground parking for 446 vehicles. The new building has been under construction since late 2018 and will be completed during the last quarter of 2021.
A group comprising a small number of investors from the insurance and pension fund sector as well as a church supplementary pension fund is behind the purchase. The complex has been sold by the developer, which is a wholly owned subsidiary of Bülow.
Corestate’s subsidiary Hannover Leasing will act as the capital management company and will also provide asset management services for the property.