Hines Sells Office Property in Germany
- Apr 03, 2020
Working on behalf of its Hines European Value Fund, Hines has sold Stuttgarter Tor, an office property in Stuttgart, Germany. Colliers represented the buyer, investment management firm Arminius, which acted on behalf of German institutional investors.
Located at Stresemannstraße 79, in the Feuerbach office submarket, the approximately 160,000-square-foot asset comprises three fully leased buildings. The tenant roster includes companies such as Bosch and the law firm Menold Bezler. A fourth smaller building was sold separately to an owner-occupier, which plans to develop it into a new headquarters. The trade was arranged last August, with Immoraum representing the buyer.
Hines acquired Stuttgarter Tor in December 2017, as the first investment in a series of European deals. Within less than two years, the Fund accepted some $781 million, or €721 million, of equity commitments from 16 institutional investors. Last November, Hines purchased the first Berlin property, on behalf of the Fund. The 430,600-square-foot Atrium Charlottenburg office building traded for more than $170 million.