Hines completes sale of Stuttgart office asset
Hines has completed the sale of Stuttgarter Tor, an office asset in Stuttgart, Germany, on behalf of the Hines European Value Fund (HEVF).
The 14,822-square-meter (160,000-square-foot) office complex has been sold to investment management company Arminius, acting on behalf of German institutional investors, for an undisclosed price, after a competitive sales process managed by Colliers International.
Hines acquired Stuttgarter Tor in December 2017, as the first investment made by HEVF, the first in the Hines flagship series of European core-plus/value-add strategy funds. The asset is being sold following a two-year asset management program during which the property has significantly outperformed the fund’s business plan.
Located in a prime location in the Feuerbach office submarket of the city, Stuttgarter Tor comprises three buildings fully leased to a strong tenant base including Robert Bosch GmbH and law firm Menold Bezler. Hines secured planning consent fo