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Europa Fund Forward Sells Stuttgart Scheme

STUTTGART-The Europa Fund has forward-sold a 300,000-sf office building currently under construction at its Boblingen Business Park, near Stuttgart, Germany to the property fund SachsenFonds.

By Graham Parker | Updated on October 09, 2001

STUTTGART-The Europa Fund, a specialist investment vehicle managed by John Beckwith’s Europa Capital partners, has forward-sold a 300,000-sf office building on its Boblingen business park for DM 102 million ($48 million), reflecting a yield of about 7%. The purchaser is SachsenFonds, the property fund operated by Sachsen Land Bank.

The five-storey building, which is due for completion in February 2002, is the second phase of the business park. Hewlett-Packard has pre-let 230,000 sf in the new building and recently Schmuecker & Partner, an information systems company, has committed to 11,000 sf, leaving only 70,000 sf on the top two floors to be let.

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