Mayer-Vorfelder und Dinkelacker Ingenieurgesellschaft für Bauwesen GmbH und Co KG
Bosch-Areal - Stuttgart
Sascha Harms, Head of Real Estate Investment, Germany commented:“The Bosch Areal’s heritage and architectural merits create an ideal mixed use environment that combines working, living, entertainment and convenience retailing in a central location."
#Schroder Real Estate has bought the prominent Bosch-Areal property in Stuttgart's city centre – the former headquarters of electrical manufacturer Robert Bosch GmbH - on behalf of a German client. The seller was Balandis Real Estate AG on behalf of one of its funds.
At a price of more than €100 million, this continues a recent spate of acquisitions by Schroders on behalf of its clients in recent months, following earlier buys in Stockholm, Helsinki, Madrid, Brussels and Paris and a pattern of investing in large single assets across Europe.
The Stuttgart property is a large mixed-use asset consisting of eight separate buildings, and is one of the few remaining landmarks of the industrial heritage in the region. The oldest building was built in 1900; the latest additions were made in 1999 and 2001. The centrally-located, high profile property provides over 40,000 sq. m. and is home to over 50 tenants.
Sascha Harms, Head of Real Estate Investment, Germany commented:
“The Bosch Areal’s heritage and architectural merits create an ideal mixed use environment that combines working, living, entertainment and convenience retailing in a central location. This asset is hence a relatively defensive component in our investment strategy and given the strength of the Stuttgart leasing market, we are anticipating a highly stable cash-flow with upside potential from active asset management.
“Key considerations around the acquisition were the diversified tenancy structure, the high occupancy rate of ca. 95%, the short distance to the main retail high street and the excellent access by public and private transport. The mixed uses provide this investment with a high degree of diversification in itself. It includes offices, retail, a cinema also an entertainment and leisure component. This is consistent with our theme of investing in central locations where people want to live as well as work.”
