Real IS, the property arm of German lender BayernLB, has acquired the Airfield Office project in Böblingen, Baden-Württemberg, from a joint venture between Stuttgart-based property developer W2 Development and Munich investor Competo Capital Partners.
Financial details were not disclosed.
The deal represents a forward commitment for Real IS's Regionalfonds Süddeutschland, a fund for institutional customers.
The new five-storey office complex offers office, gastronomy and commercial space across 11,400 m2, plus 186 parking spaces. The anchor tenant is Harman Becker Automotive Systems, a subsidiary of Samsung Electronics. The building is due for completion in the first quarter of 2019 and is almost fully let.
'The Böblingen/Sindelfingen airfield is one of the most exciting urban development projects in Germany,' said Axel Schulz, global head of investment management at Real IS.
'The Airfield Office is situated in the best location of the submarket. Its excellent transport connections due to its proximity to the station and the high quality of the office space make the investment property in ideal addition to our portfolio.'
'We are delighted to have found a competent and equally experienced partner in Real IS as a buyer for our new office and commercial property,' said Frank Widmann, managing director of W2 Development.
The Regionalfonds Süddeutschland fund focuses on core German office and retail properties, supplemented by residential and logistics real estate, in Bavaria and Baden-Württemberg.