Hines, the international real estate firm, announced today that Hines Global REIT, Inc. has acquired the Mercedes-Benz Bank Building in Stuttgart, Germany, from DDE 24 Limited.
The debt financing for the acquisition was provided by the local LBBW, Landesbank Baden-Württemberg. Colliers Bräutigam & Krämer initiated the transaction.
The 263,038-square-foot property is fully leased as the headquarters for Mercedes-Benz Leasing GmbH, a subsidiary of Mercedes-Benz Bank AG. Completed in 2003, the asset comprises two separate six-story buildings situated at Siemensstrasse 7 in the north end of Stuttgart. The property has two ground-level cafeterias and two levels of below-grade parking for 540 vehicles.
Stuttgart-based Mercedes-Benz Bank AG is one of the leading automotive banks in Germany. Mercedes-Benz Bank AG is a subsidiary of Daimler Financial Services, the Daimler Group’s worldwide provider of financial services. With approximately 1,300 employees, Mercedes-Benz Bank AG provides mobility, financial flexibility and security for more than one million customers.
Hines Global REIT is a public, non-traded real estate investment trust sponsored by Hines that owns interests in 26 real estate investments located in the United States and internationally.
Source: Company