Commerz Real has acquired the Uhland Carré in the city center of Stuttgart, Germany, for its open-ended property fund Hausinvest.
Local German media outlet TD News International estimated the sales price to be €220 million ($254 million) and lists the seller as Officefirst, which has managed the asset for a Blackstone fund.
The two-part building complex in the area of Uhlandstraße, not far from Schlossplatz and Charlottenplatz, has a leasable area of approximately 555,000 square feet and 573 underground parking spaces and is almost fully let.
The main tenant with about 93 percent is Allianz, which built the ensemble in the years 1978 to 1989, including three heritage-protected buildings from the 19th century. On the ground floor there are various retail shops and restaurants, and in the attic there are 32 apartments.
