Dublin-based residential and commercial developer Ellier Developments has bought a building in Stuttgart's principal retail high street for EUR 43 mln in a joint venture with Davy Private Clients, an Irish wealth management specialist. Ellier was involved in the expansion and complete refurbishment of the 8-storey Konigstrasse 19a building, which now covers 4,726 m[sup]2[/sup]. Geox, Vodafone and New Yorker are the new tenants. Neighbouring retailers include Zara and H&M.
Dublin-based residential and commercial developer Ellier Developments has bought a building in Stuttgart's principal retail high street for EUR 43 mln in a joint venture with Davy Private Clients, an Irish wealth management specialist. Ellier was involved in the expansion and complete refurbishment of the 8-storey Konigstrasse 19a building, which now covers 4,726 m2. Geox, Vodafone and New Yorker are the new tenants. Neighbouring retailers include Zara and H&M.
The partners said the surrounding area is expected to get a major boost from the recently approved EUR 4.8 bn rail and urban regeneration project. Construction around the station, located at the top of the street, is expected to begin in 2010, transforming the station area into commercial, residential and recreational space. There will also be a new underground rail station built with a connection to Europe's high speed rail network as well as a direct rail link to Stuttgart Airport.
Davy and Ellier Developments carried out a joint venture acquisition in Germany before when they paid EUR 26 mln for the architectural award-winning Neuer Wall 52 in Hamburg in August 2006.
