Hines disposes of mixed-use scheme in Stuttgart

Germany's state-owned Baden-Württemberg-Stiftung foundation has acquired the Postquartier mixed-use development project in Stuttgart from US developer-investor Hines. According to a news report in Immobilienbrief Stuttgart, the deal price is between EUR 130 and 140 mln.

Located adjacent to Stuttgart’s main shopping street, Koenigstrasse, Postquartier is an 11-storey office building which provides 28,000 m² of space, including 9,500 m² of retail accommodation.

Originally constructed in 1927, the property was demolished and rebuilt in the 1980s. It is owned by the Hines European Value Added Fund and was recently redeveloped by Hines Germany. The office element is majority leased to the State of Baden-Württemberg while the retail part is let to tenants including Conrad Electronic, Rewe, The North Face and Rossmann.