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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.

The first phase at Boblingen comprises a 155,000-sf building let to IBM, which Europa acquired through a sale and leaseback during 2000. Construction has already started on the third phase ‘communications centre’, and 15 acres of land with zoning for 785,000 sf is still available for development.

Brautigam & Kramer acted for the vendor and are leasing agents on the remaining space.

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