GIEAG sells fully-let office complex in Stuttgart after extensive revitalisation
GIEAG Immobilien AG (GIEAG) has sold a fully-let office complex in Stuttgart to an institutional investor from the south of Germany. GIEAG only acquired the property, with a total rental area of around 5,000 square meters and underground parking for 101 cars in Stuttgart’s Neckartalstraße at the end of 2017/start of 2018 as a vacant property, and then extensively renovated and revitalised the property. A long-term rental agreement for the entire rental area was recently concluded with the State of Baden-Württemberg. The property was handed over to the sole tenant on 1 June 2018 after the revitalisation activities were concluded on schedule. PIC Real Estate GmbH advised the investor during the purchase and structuring.
Thomas Männel, a member of GIEAG’s managing board, commented: “We are very pleased that we have been able to successfully sell this property shortly after buying and revitalising it. This confirms our expertise in developing properties to create value, and in our choice of location. Of course the fact that we concluded a long-term rental agreement with a 1A tenant was also a positive factor.”
Andreas Kurzer, Managing Partner with PIC Real Estate GmbH added: “The seller’s professionalism and the quality of both the property and the tenant, which go without question, were the decisive factors for our decision to purchase this property.”