Germany's Garbe Industrial Real Estate has acquired an extensive office and industrial complex in Kiel from Stargime Deutschland as part of an asset deal.
Financial details were not disclosed.
Business Campus Kiel, located in the district of Kiel-Suchsdorf, comprises around 77,000 m2 of logistics, production, office and social space. The vendor, a European family office represented by Stargime Deutschland, acquired the asset in 2010, before embarking on a continous development programme.
'The Business Campus is situated in an attractive location with excellent transport connections and it boasts internationally renowned tenants with a high credit rating. The properties have multi-use spaces, which means we can cater to the individual needs of the tenant as required. Business Campus Kiel also offers potential for expansion,' said Christopher Garbe, board director of Garbe Industrial.
The property is fully let with a weighted unexpired average lease term of 8.7 years. Anchor tenants include industrial manufacturers Vossloh Locomotives, Rheinmetall Landsysteme and Heidelberger Druckmaschinen.
Business Campus was constructed between 1962 and 2016 in several construction phases. A new production hall covering some 16,000 m2 and an administrative building of around 2,500 m2 were added most recently in 2016 for Vossloh Locomotives. The property is located in an established commercial park.
Savills represented the buyer.
