Hines has acquired the Karlshoehe Portfolio in Stuttgart for a price of €300 million ($340 million) on behalf of its Hines European Value Fund (HEVF).
The portfolio consists of 13 office buildings, including two towers, totaling more than 90,000 square meters (970,000 square feet) of net rentable area. The portfolio is 98 percent leased, largely to Allianz. The buildings benefit from a strong CBD location in a true mixed-use, office and residential quarter on a prestigious Karlshoehe site, which serves to connect the CBD and an urban neighborhood. The buildings are in close proximity to the suburban train station “Stadtmitte” and Karlshoehe Park with picturesque views into the hills of Stuttgart.
Emanuel Coskun, head of Hines’ Stuttgart office, said, “Hines has a large existing portfolio in Stuttgart with six assets in various sectors and submarkets across the risk spectrum from core to development, having invested in Stuttgart on behalf of both of Hines’ d
