Hines has expanded its portfolio in Stuttgart with the acquisition of office building that is leased to automotive company Daimler.
The Plieninger Strasse 140 asset is located in an emerging market in the south of Stuttgart, strategically located between the city airport and the city centre.
The property area comprises 47,000 m2 with 22,000 m2 of office space, which is fully let to Daimler.
Alexander Möll. senior managing director of Hines Immobilien in Germany, said: 'Plieninger Strasse 140 is an excellent asset, especially because of the excellent tenant creditworthiness of Daimler and due to the close proximity to the Stuttgart Airport. We are absolutely convinced of the strategic benefit of this investment.'
Emanuel Coskun, Stuttgart branch manager at Hines, added: 'The location in the South of Stuttgart will continue its positive development. With the acquisition of Plieninger Straße 140, we will be part of this development. The excellent connection of the site and the current movements in the sub-markets lead to significant opportunities.'
Hines was supported by law firm Pöllath + Partners, and EY for tax purposes. Financing of the acquisition was provided by the HSH Nordbank.
Since the opening of the German office in 1991, via Hines Immobilien, Hines has acquired or developed 37 properties representing 1.6 million m2 for Hines or third parties. The assets include Maintower and Silberturm in Frankfurt, Sony Center and Wohnpark Südkreuz in Berlin, and Hofstatt, Uptown München and OSKAR in Munich
Hines Immobilien currently manages real estate assets with a total value of €4 bn as asset or development manager.
