The Carlyle Group Acquires Prime Development Site in Stuttgart, Germany

Frankfurt – Global private equity firm The Carlyle Group today announces the acquisition of the ‘Versatel’ building in Stuttgart, Germany from EnBW, the German energy supplier. When the tenancy with Dutch telecommunications company Versatel ends in 2009, the building will be knocked down and the area rebuilt. Carlyle plans to construct a modern retail and office space.

Wulf Meinel, Managing Director, The Carlyle Group comments: "We are aware of the significance of this project to the city of Stuttgart. Carlyle will therefore be working very closely with the public authorities. The Versatel building occupies a prime site itself located in one of the strongest and most stable economic regions in Germany. We expect the lively demand for modern office space in Stuttgart to continue, with the city centre remaining the most popular office location. We look forward to contributing to Stuttgart’s promising future with an exciting new development."

Bjoern Holzwarth, CEO, Ellwanger + Geiger comments, "The sale attracted great demand and we were very pleased with the professional handling of the process by all participants."

Investment bank Ellwanger + Geiger handled the transaction, and Carlyle was advised by law firm Poellath and technical advisors King Sturge.