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GIEAG Immobilien AG enjoys further major letting success in the “KWARTIER” district development in Karlsruhe

The family-run Munich-based real estate company GIEAG Immobilien AG (GIEAG) has recorded a further key letting success for its “KWARTIER” district development in the south of Karlsruhe. The Bundesanstalt für Immobilienaufgaben (BImA) has been acquired as a long-term tenant for the entire administration building with a total of around 8,500 square metres of usable space. The rental agreement with BlmA runs for 15 years. The demolition and revitalization of the currently vacant property has now begun. It is planned to hand the property over to the tenant on 1 July 2020.

The administration building is part of the real estate complex „KWARTIER“ (http://kwartier-karlsruhe.de/) on Philipp Reis Straße/Rüppurrer Straße in Karlsruhe. The approximately 19,500 square meter site also houses a so-called “technical building” with approximately 22,000 square meters of space, which was leased to a telecommunications company on a long-term basis as early as 2018 following the completion of extensive renovation work. In addition, there is a large open space on the site, which has been designated for the construction of a total of approx. 250 freehold and rental apartments. Plans for the new construction of the apartments are already at an advanced stage.

Thomas Männel, a member of GIEAG Immobilien AG’s managing board: “The conclusion of a long-term lease agreement for the entire administration building is another milestone in the development of our quarter in Karlsruhe’s Südstadt district. As part of the extensive revitalisation measures, the building will be given a modern façade and will thus also set urban accents. With regard to the planned construction of freehold and rental apartments, we are very pleased with the strong interest and high demand, even before the start of marketing.”