Savills has advised on the sale of an office building in Böblingen, Greater Stuttgart to Ashtrom Properties Germany.
Ashtrom Properties purchased the office building on Schickardstraße 30 on a plot comprising circa 21,600 m2 of land and 12,100 m2 of lettable office space. Widely known as ‘Daimler City,’ Böblingen has housed the procurement and quality control departments of Daimler Benz for over nine years, and they are currently the sole tenant in this building, having signed a 10-year lease in 2017.
The financial details of the office sale were not disclosed.
Eddie Chasson, managing director of Ashtrom Properties Germany: 'This asset reflects our continued commitment to long-term property investments in the economically strong regions of Germany. We believe this asset to be an ideal addition to our portfolio.'
Chris Gillum, director of the Savills European crossborder investment team, added: 'There is currently a great deal of interest from national and international investors for product in the greater Stuttgart area of Germany, due in particular to the high volume of thriving German industry located in Baden-Württemberg. The building is let to a blue chip tenant on a long term lease, and was perceived by the market to offer an attractive and robust investment opportunity.'
The unnamed seller was advised by Savills and WhiteWater in Frankfurt.
