Hines, the international real estate firm, announced the sale of the Mercedes-Benz Bank building which comprises of app. 24,000 sqm in Stuttgart to the Baden-Württemberg Stiftung gGmbH.
The distinctive property which Hines acquired in February 2013 is characterized by its prominent architecture and excellent visibility on one of the most frequented roads of the Stuttgart city centre. The location has continuously developed positively and has evolved into a popular residential and commercial hub.
Since 2013, Hines worked to continuously and sustainably improve the value of the high-quality property. In 2016, Hines completed a comprehensive renovation of the building and secured a long-term renewal of the tenant lease.
Hines Senior Managing Director and Co-Head Hines Germany Alexander Möll commented: “Apart from the stability of the tenant and its long-term commitment to the location, the quality of the office complex and the promising development of the neighborhood were decisive for the increase of value.”
Lars Huber, CEO of Hines Europe, added: “This transaction underlines Hines’ strong and successful activities in Germany as investor and developer across all major markets.”
Hines was advised by Pöllath + Partners, Ernst & Young, as well as by Colliers International; the buyer acted with the help of CMS and Albrings & Müller.
Source: Hines