CORESTATE has acquired the VISION ONE office campus, a forward-looking new construction project in the Stuttgart metropolitan region (Leinfelden-Echterdingen), for a closed-end special AIF. The Corestate subsidiary Hannover Leasing will act as the experienced capital management company and will also provide asset management services for the property. The group of investors comprises a small number of institutional investors from the insurance and pension fund sector, as well as a church supplementary pension fund. The total investment volume is around € 160m. The seller and project developer of the property is a wholly owned subsidiary of Bülow AG.
Frankfurt, 22 September 2021. Corestate, a leading independent investment manager for real estate and related financing solutions, has acquired the VISION ONE office campus, a forward-looking new construction project in the Stuttgart metropolitan region (Leinfelden-Echterdingen), for a closed-end special AIF. The Corestate subsidiary Hannover Leasing will act as the experienced capital management company and will also provide asset management services for the property. The group of investors comprises a small number of institutional investors from the insurance and pension fund sector, as well as a church supplementary pension fund. The total investment volume is around € 160m. The seller and project developer of the property is a wholly owned subsidiary of Bülow AG.
VISION ONE is a 5-storey complex with a lettable area of around 25,000 m², an underground car park with 446 parking spaces plus 17 outdoor spaces. The new building has been under construction since Q4 2018 and will be completed in Q4 2021.
Laurent Rucker, Head of Real Estate Investment, Hannover Leasing: “VISION ONE offers everything that we, as an investment partner, want for our investors. This includes not only a very good location in the south of Stuttgart, but also DGNB Gold certification, various e-parking spaces and long-term leases of between 5 and 25 years with a highly diversified mix of tenants from sectors such as IT, automotive, leasing and business apartments. Our investors have benefited in particular from an attractive return in the current overall core market.”
Sebastian Hartrott, Managing Director, Hannover Leasing: “The close proximity to the airport and to Stuttgart’s exhibition grounds makes the property a particularly compelling proposition. VISION ONE is located in a high-profile neighbourhood between the German headquarters of the audit firm EY, Daimler’s new trucks and IT buildings and the future headquarters of Allianz. The high-quality office complex is given an additional boost by the infrastructure project Stuttgart 21 with the planned new “Filderbahnhof” ICE station at the airport, a direct connection to the A8 and B27 motorways, the expansion of the U6 underground line and the various public transport connections to the city centre.”
Horst Bülow, CEO of Bülow Aktiengesellschaft: “We are pleased that we have been able to convince our tenants and the buyer of our VISION ONE campus with flexible, innovative and sustainable office concepts for future-oriented working environments.”
The Stuttgart region, which includes the suburb of Leinfelden-Echterdingen to the south of the city border, is known throughout Europe as an economic powerhouse, especially in the field of exports, and has a total population of around 4.1 million. This economic strength is also reflected in the local labour market. For many years, the region has recorded one of the lowest unemployment figures in the whole of Germany.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With 830 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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