The Munich-based, family-managed real estate corporation GIEAG Immobilien AG (GIEAG) has announced the sale of a residential property with 95 apartments in Mönchstrasse in the heart of Stuttgart.
The property is situated on a plot of land covering approx. 1,800 square metres, neighbouring directly on the new EUROPAVIERTEL district in Stuttgart, and was erected in 1995. After the purchase of the property, GIEAG conducted refurbishment measures in the interior, with some 30 units converted so they were fully equipped and furnished, and leased these to a global tenant. Following the strategic repositioning, the property has now been sold.
The sale to an institutional investor was implemented as an asset deal. The seller was accompanied in the transaction by E&G Real Estate GmbH, Stuttgart. Legal advice was provided by the law firm Werner, Luger & Partner, Munich; with tax advice furnished by Deloitte GmbH Wirtschaftsprüfungsgesellschaft, Munich. The buyer was advised by Norton Rose Fulbright LLP and CBRE GmbH.
Philipp Pferschy, a board member at GIEAG Immobilien AG: “The outstanding location in the immediate vicinity of the new EUROPAVIERTEL in Stuttgart and within just 10 minutes’ walking distance of Stuttgart central station, were – alongside the potential offered by the property – the main reasons for the acquisition in 2017. As a result of the implemented measures, it was possible to lower the number of vacancies and increase the rental yield.”