German asset management boutique Kingstone Investment Management has acquired an office development in Stuttgart on behalf of its Kingstone Wachstumsregionen Süddeutschland (KWS) institutional fund from GIEAG Immobilien.
Financial details were not disclosed.
The development project at Maybachstrasse 20, dubbed Mayoffice, scheduled for completion in the second quarter of this year, will offer gross space of some 10,000 m2.
Long-term leases have already been signed for more than 80% of the office space. Lease negotiations with further potential tenants are currently underway, so further signings are expected shortly, Kingstone revealed.
Mayoffice is flanked by Mayliving, comprising 67 residential units along with a day-care centre and a retail shop.
Thomas Männel from the executive board of GIEAG Immobilien said: 'With Mayoffice, we are not only developing desirable new office space for the long term but also attractive architectural accents, in which we take great pride.
'Even before completion, we have successfully signed leases with multiple high-quality tenants. This speaks for the quality of this project and shows that prime office space in a top location continues to be in high demand even in times of pandemic.'
Philip Greilich, head of commercial transactions Germany at Kingstone said: 'This project stands out for its excellent micro-location, for its harmonious architecture with a green inner courtyard and roof terraces as well as for its ultra-modern office space.
'With this project we are also taking environmental issues into account. The property is equipped with charging stations for electric cars, bicycle parking, and changing rooms with showers. We are also striving to attain LEED Gold sustainability certification for the new building.'
The KWS fund invests primarily in core office and other commercial properties in select growth regions in southern Germany and is aimed at institutional clients.
Kingstone was advised on the transaction by DLA Piper (legal due diligence), Drees & Sommer (technical due diligence) and Arnecke Sibeth Dabelstein (tax issues).
GSK Stockmann served as legal counsel to GIEAG Immobilien.
