Patrizia has acquired a prime office building in Heidelberg from Tristan Capital Partners’ CCP 5 LL fund and DW Real Estate, on behalf of its clients. The purchase price was no disclosed.
Located on Speyerer Street in Heidelberg, the BREEAM ‘very good’ property offers c. 25,960 sq m of office and laboratory space as well as a fitness studio and c. 450 underground parking spaces for occupier use. The office space is 95% let to a range of strong occupiers and divisible into small office units of approximately 340 sq m, maximising flexibility for occupiers. The WALT amounts to almost eight years.
Located on one of Heidelberg’s main roads near to the city’s main railway station, the asset is part of Heidelberg’s Bahnstadt district, a flourishing and dynamic submarket in Germany’s oldest university town.
Patrizia said Heidelberg’s prestigious university and its strong transport links contribute to the city’s popularity with students and young professionals, driving demand for high-quality, sustainable office space.
Uwe Hettwer, Associate Director Transactions at Patrizia, commented: “Heidelberg enjoys high demand for modern, amenity-driven office space owing to its large population of graduates and young professionals. This property in the heart of Heidelberg’s bustling Bahnstadt district benefits from its proximity to national transport links, walking distance to the main station and several companies from the bio science sector in the Bahnstadt submarket. Strong sustainability credentials and amenities boost the asset’s appeal to occupiers, while its existing mix of tenants and high occupancy offer a reliable income stream.”