ING Real Estate Finance (REF) has concluded its fourth German deal in the last seven months, with the nearly EUR90 million financing of the Kronprinzbau project in downtown Stuttgart.
The deal brings the total new German real estate business completed by ING REF this year to more than EUR200 million.
The expansion in Germany is part of ING REF’s broader initiative to increase lending to its key global client base in its core European markets.
A fund managed by Hines acquired Kronprinzbau from seller Credit Suisse. The property is intended to remain long-term in the fund's strategic portfolio. Development of the property was completed in 2007.
Located in the immediate vicinity of the Schlossplatz in Stuttgart, the property offers around 25,500 square metres of office and retail space and a parking structure with 266 spaces.
The entire office space has been let long-term to Landesbank Baden-Württemberg (the regional state bank). Tenants include René Lezard, MaxMara, dm – Drogeriemarkt and Feinkost Böhm.