Fundamenta fund invests in the Stuttgart area
The German subsidiary of Fundamenta Group acquires a residential and commercial building in Korntal-Münchingen near Stuttgart for its fund FG Wohninvest Deutschland.
The property has a total leasable area of just over 7,000 sqm, divided into 4,245 sqm of residential space (61 residential units) and 2,789 sqm for two commercial units. According to Fundamenta, one of the commercial spaces is leased long-term to a well-known full-line retailer, while a medical practice is slated to locate in the other unit. The property includes 138 parking spaces, 74 of which are in an underground garage for the residential units. The remaining 64 parking spaces are available for commercial use.
FG Wohninvest Deutschland S.C.S. SICAV-SIF acquired the property in a forward deal from Mörk Immobilien GmbH of Leonberg, with Immoraum GmbH acting as broker. The parties have agreed not to disclose the purchase price. The property, which was built in accordance with the KfW 55EE standard, is scheduled for completion by the end of 2024 at the latest.
According to Christian Paul, CEO of Fundamenta Group Germany, the company is interested in the suburbs of German A-cities with positive population development, as is the case in Korntal-Münchingen in the catchment area of Stuttgart. The demand for residential space is high locally and continues to grow, which ensures a low vacancy rate and high value stability. (ah)
