Hines, the international real estate firm, announced today 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.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Since the opening of the German office in 1991, via Hines Immobilien GmbH, Hines has acquired or developed 37 properties representing approximately 1.6 million square meters for Hines or third parties, including high-profile properties such as Maintower and Silberturm in Frankfurt, Sony Center and Wohnpark Südkreuz in Berlin, Hofstatt, Uptown München and OSKAR in Munich, Überseequartier Nord in Hamburg, Benrather Karree and Kö-Quartier in Dusseldorf as well as Postquartier and Kronprinzbau 1+2 in Stuttgart. In Germany, Hines Immobilien GmbH currently manages real estate assets with a total value of approximately 4 billion Euros as an asset or development manager.
Since entering Europe in 1991, Hines had grown its European platform to include a presence in 35 cities in ten countries and Hines Europe currently has €13.4 billion* of assets under management in Denmark, France, Germany, Ireland, Italy, Norway, Spain and the United Kingdom.
*Estimated as of March 2017