Hines Global Reit 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, a subsidiary of Mercedes-Benz Bank. 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.
"The Mercedes-Benz Bank Building is a high-quality asset with a strong tenancy that complements Hines Global Reit's existing portfolio. Germany's economy is one of the strongest in Europe, and by purchasing this asset, we have increased the geographic diversity of the Reit to a fifth country outside of the US," says Charles Hazen, president and chief executive of Hines Global Reit.
Alexander Moell, senior managing director of Hines in Germany, says: "We are pleased that Hines Global Reit has recognised the strength of the German market and has made its first acquisition here. This property was particularly appealing due to its location near Stuttgart's CBD, its access to public transportation as well as its high visibility."