Alstria to build a 10,000 sqm facility for Hagebau

Alstria Office REIT-AG will develop a 10,000 sqm building at Siemensstrasse 31-33 in Ditzingen near Stuttgart. The facility will be leased to the DYI chain Hagebau for 20 years, starting in 2016. The transaction was brokered by Ellwanger & Geiger Team Industrie und Logistikimmobilien.

“While Alstria is an office REIT, we do look at alternative developments to create further value for the benefit of our shareholders,” said Olivier Elamine, the company’s CEO. “Our office asset in Ditzingen has a substantial amount of land attached to it, and the work of our asset management team, which involves a planned zoning change and a possible sale of part of the land to the City of Ditzingen, allows us to value this asset in the best possible way.”