Barings has acquired, through a forward-funding, a fully pre-let hotel and office development in Stuttgart, Germany, on behalf of a separate account mandate “SIS” run for Stuttgarter Insurance Group.
The project is being developed by weisenburger Projekt GmbH.
Due to complete construction in the fourth quarter of 2020, the property will comprise a brand new 7,000-square-meter (75,347-square-foot) hotel with 198 rooms and 3,800 square meters (40,902 square feet) of prime grade-A office space over a common underground garage.
“Once completed, the property will be a modern building that meets the growing demand for hotel beds and office space in the Stuttgart area,” said Christoph Wittkop, managing director and real estate country head – Germany at Barings. “The microsite of the property is currently undergoing major development, including the construction of new office properties for Daimler and Allianz.”
He added, “The property will provide
