Bilfinger inks sale of assets in Stuttgart for €60m

Bilfinger Real Estate has brokered the sale of the Panorama and Bülow Tower office and hotel properties in Stuttgart for a combined €60 mln on behalf of an institutional investor.

Located at Heilbronner Straße, the assets are being acquired respectively by a special fund of AXA Investment Managers Deutschland and the Plus Alpina Group, a Luxembourg-based company managed by Alpina Real Estate.

The deal is expected to close in the first quarter of 2014.

Bülow is a 14,000 m2, recently redeveloped office scheme with an occupancy rate of 80%. Major tenants are P3 Automotive, SSB, Deutsche Bahn and HRG.

Panorama is leased to the Accor Group on a 16-year rental agreement. The hotel is known as Hotel Mercure Stuttgart City Center.