(STUTTGART) – Hines, the international real estate firm, announced today the sale by the Hines European Value Added Fund (HEVAF) of Postquartier to the federal state of Baden-Württemberg-Stiftung.
Located in Stuttgart’s CBD on the corner of Kronenstrasse and Lautenschlagerstrasse, adjacent to Stuttgart’s main shopping street, Koenigstrasse, Postquartier is a 301,000-square-foot, 11-story office building that includes 102,000 square feet of retail on the first two floors.
Financials on the sale were not disclosed.
Originally constructed in 1927, Postquartier was demolished and rebuilt in the 1980s.
HEVAF purchased the former headquarters of Deutsche Post (German postal service) in 2008.
Hines Germany then oversaw the property’s €100 million refurbishment on behalf of HEVAF, resulting in a modern, high-performance building competing with the best new product in the market.
Hines Germany also provided leasing management services for HEVAF.
At building completion in 2012, it was fully leased mainly to the Federal State of Baden-Württemberg for their Ministry of Education and Sports, Deutsche Bahn Fernverkehr AG, and high-end retail tenants including: Conrad Electronic; Mammut; The North Face; Rewe; Rossmann; and Sixt.
Hines Managing Director Alexander Moell stated, “We are very pleased that our vision for Postquartier could be realized successfully with the help of the city of Stuttgart.
In addition to having the responsibility to develop a landmark building, we also wanted to create the starting point for upgrading the entire neighborhood.”
Hines Project Manager Christian Meister commented “We are now looking forward to new development opportunities in Stuttgart.”
Postquartier is the first property in Stuttgart that has earned Gold pre-certification under the U.S. Green Building Council’s LEED® for Core & Shell Rating System.
Hines put great emphasis on energy efficiency during planning and construction including using up-to-date technical equipment and low-emission materials. The sustainability level of Postquartier, after the refurbishment, is equivalent to a newly built property.
Launched in 2005 with €287 million of equity commitments from a group of European institutional investors, HEVAF was at inception the second pan-European investment fund raised by Hines. The objective of the fund has been to invest in and add significant value to European real estate opportunities, principally in France, Germany, Italy, Spain and the UK.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,192 properties representing more than 482 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.