Commerz Real has acquired Uhland Carré in downtown Stuttgart for its open-ended real estate fund hausInvest. The building complex, which comprises two elements and is located around Uhlandstraße, not far from Schlossplatz and Charlottenplatz, has a total leasable area of approx. 51,600 square metres and 573 underground parking spaces; the complex is virtually fully leased. The main tenant with around 93 per cent of the available space is Allianz, which had erected the building in the years 1978 to 1989 and in doing so utilised three listed buildings from the 19th century. There are various retail outlets and gastronomy facilities on the ground floor; the loft accommodates 32 apartments.
“In particular the excellent inner-city location in one of Europe’s strongest metropolitan regions in economic terms offers our investors the ideal prerequisites for stable cash flows and significant long-term value appreciation,” explains Henning Koch, Global Head of Transactions at Commerz Real. The vacancy ratio in the inner city is a low 1.1 per cent according to figures from Commerz Real. Above all large tenants are said to be having difficulty finding suitable areas.
Commerz Real was advised on legal aspects by Taylor Wessing, on tax matters by KPMG, and on technical issues by Duff & Phelps REAG. Colliers International Deutschland acted as the broker.
Source : Company