AEW has purchased Paulinenstrasse 50, an office building in Stuttgart, Germany, on behalf of AEW Europe Value Investors II. The transaction is the fund’s first in Stuttgart and third in Germany, following the acquisition of the Baseler Palais in Frankfurt and the Accor Building in Munich, and increases EVI II’s assets under management to more than €250 million ($304 million) with 11 assets in the portfolio.
The seven-story building has 6,500 square meters (70,000 square feet) of leasable space and 78 parking spaces and is 100 percent leased to state university Duale Hochschule Baden-Wuerttemberg, which is AAA rated. Located in Stuttgart’s CBD on the City Ring at the intersection of Paulinenstrasse and Theodor-Heuss-Strasse, the asset is close to the city center with excellent public transport connections around the city and to the airport. Stuttgart is Germany’s sixth largest city, with a historically low unemployment rate and positive demographic growth.
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