US developer and investor Tishman Speyer has sold an office building in central Stuttgart, Southern Germany to Hamburgische Immobilien Handlung (HIH) for a price ranging between EUR 65 - 68 mln. HIH brokered the deal on behalf of a special fund of Warburg - Henderson KAG.
US developer and investor Tishman Speyer has sold an office building in central Stuttgart, Southern Germany to Hamburgische Immobilien Handlung (HIH) for a price ranging between EUR 65 - 68 mln. HIH brokered the deal on behalf of a special fund of Warburg - Henderson KAG.
Built in 2003, the City Plaza scheme is a multi-tenant property offering around 15,000 m2 of office space, 2,800 m2 of retail accomodation, 1,170 m2 of warehousing area and 155 parking spaces. The main tenants are UBS, Cisco Systems, Euro Hypo and Postbank.
'The excellent connections to public transport together with the high quality of the space give permanent income security to the building. This was particularly important for us because the asset will be kept in funds,' said Hanno Lehmann, member of the board of HIH, who is responsible for asset management.
Law firm Ashurst advised HIH while the seller was advised by Clifford Chance.
Earlier this year, Tishman Speyer also put its Openturm office tower in Frankfurt back on the market after a failed attempt to sell the trophy building to KanAm in 2008. The company has mandated CB Richard Ellis, BNP Paribas and UBS investment bank to market the building, which is worth between EUR 500-600 mln.