International real estate firm Hines has acquires a core-plus asset in Stuttgart, dubbed the Stuttgarter Tor, from a private seller.
Financial details were not disclosed.
The core-plus asset, which comprises three 100% leased office buildings and a fourth vacant obsolete building, was acquired on behalf of Hines European Value Fund (HEVF).
'As a long-term local investor across Stuttgart, including in the immediate neighbourhood, we are firm believers in this strong corporate submarket,' commented Emanuel Coskun, director, Hines Germany.
'We are delighted to advise the Hines European Value Fund on its first portfolio acquisition in this high-quality office asset with an unobstructable view across the city and the Höhenpark Killesberg.'
Located in the Feuerbach office submarket of Stuttgart, Stuttgarter Tor comprises 14,822 m2 of modern office space, effectively fully leased to tenants including Robert Bosch GmbH and law firm Menold Bezler.
The fourth, obsolete building in the acquired complex presents a potential redevelopment opportunity.
'We are very pleased to acquire Stuttgarter Tor as HEVF’s first project investment,' said Paul White, fund manager, HEVF.
'The asset perfectly matches the fund’s strategy to invest in projects with opportunities to actively create value applying Hines’ core skillset, while simultaneously offering downside protection through its full occupancy and strong tenant base in an office location with virtually no vacancy,' White concluded.
