Le mie ricette per la real estate communityHines has acquired the “Karlshoehe Portfolio” in Stuttgart, for a price in excess of €300 million on behalf of its Hines European Value Fund (HEVF). 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 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 Karlshoehe Portfolio has served as Allianz Life Insurance’s historic headquarters since 1927 and they have gradually expanded into new buildings in the surrounding area over time. Allianz will develop a new campus at Stuttgart-Vaihingen to consolidate its Stuttgart inner-city locations. After continuing a close relationship with Allianz as the key tenant in interim, Hines ultimately plans to evaluate each component piece of the portfolio to achieve its highest and best use, likely including refurbishment and re-leasing of office space and conversion and redevelopment of new space.
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.
Source : Company
