UK bank to buy EUR 220 mln Stuttgart mall

British investment banking group Evans Randall has agreed to buy the Konigsbau Passagen shopping in Stuttgart for EUR 220 mln from HSH N Real Estate and property company Stilwerk. The sale, which is subject to approval by the Baden-Württemberg state trust, is Evans Randall's first acquisition in Germany.

Königsbau Passagen is located on the Königstrasse, the main shopping street in the centre of Stuttgart. Providing 27,000 m² of sales space, Königsbau Passagen is the largest mall in the region. The centre also includes 18,000 m² of office spaces and 420 underground parking spaces, bringing the total to 45,000 m². The centre boasts an unusual combination of traditional retail outlets and a stilwerk - a themed centre for design, interior decoration and lifestyle products.

HSH N Real Estate and Stilwerk acquired the land behind the historical Königsbau in 2002 and developed Königsbau Passagen as owners of the property. The centre opened on April 20 this year. HSH Nordbank, the parent company of HSH N real Estate, provided the financing for the transaction. 'This transaction is further proof of the rapidly growing importance of cross-border investments in the real estate sector, especially in Germany,' said Bernhard Visker, Head of HSH Nordbank's Real Estate. HSH Nordbank financed the acquisition of the Haagse Poort office property in The Hague by Evans Randall for EUR 203 mln in March.