Hines has acquired the Karlshoehe office portfolio for more than €300 million on behalf of its Hines European Value Fund (HEVF) in Stuttgart CBD.
The portfolio consists of 13 office buildings, including two towers, totaling more than 90,000 square meters of net rentable area. The portfolio is 98 percent leased, largely to Allianz.
The buildings benefit from a strong CBD location in a true mixed-use, office and residential quarter on a prestigious Karlshoehe site which serves to connect the Stuttgart CBD and an urban neighborhood.
The buildings are in close proximity to the suburban train station “Stadtmitte” and Karlshoehe Park with picturesque views into the hills of Stuttgart.
The acquisition of the Karlshoehe Portfolio is HEVF’s second investment into the Stuttgart office market and the sixth investment by the Fund since December 2017. Over 50 percent of the Fund’s €721 million investor equity commitments are now allocated to a diversified portfolio including office, retail, hotel, apartment and logistics in Germany, Denmark, Spain and the UK.
SEE ALSO : Wells Frago arranges a credit facility to Hines and APG Asset Managemen
