Hines fund sells Postquartier office scheme in Stuttgart

International privately-held developer-investor Hines has announced the sale of the Postquartier office scheme to the federal state of Baden-Württemberg-Stiftung for an undisclosed amount.

Located in Stuttgart's CBD, adjacent to the main shopping street, Koenigstrasse, Postquartier provides 28,000 m² of office-led accommodation on 11 storeys, including 9,500 m² of retail facilities.

Originally constructed in 1927, Postquartier was demolished and rebuilt in the 1980s. Hines European Value Added Fund purchased the former headquarters of German postal service company Deutsche Post in 2008, and carried out a EUR 100 mln refurbishment of the asset. Hines Germany provided leasing management services for HEVAF. At building completion in 2012, the asset was fully leased mainly to the Federal State of Baden-Württemberg for their Ministry of Education and Sports, Deutsche Bahn Fernverkehr, and high-end retail tenants including: Conrad Electronic; Mammut; The North Face; Rewe; Rossmann; and Sixt.

'We are now looking forward to new development opportunities in Stuttgart,' said Hines' project manager Christian Meister.

Launched in 2005 with EUR 287 mln of equity commitments from a group of European institutional investors, HEVAF was at inception the second pan-European investment fund raised by Hines.