HIH Invest Real Estate (“HIH Invest”) just acquired the Flugfeld-Allee 12 site in Sindelfingen for a single mandate from an institutional investor. A lease agreement for the entire floor area was signed for a fixed term of 15 years plus two renewal options for an additional five and three years, respectively.
The building cluster, which was constructed in 2015 on a plot of around 30,000 square metres at Flugfeld Böblingen/Sindelfingen, an inter-municipal residential/commercial estate on a former airfield, consists of several buildings: one being an office scheme of 9,703 square metres, another a factory hall of 8,081 square metres with high-end fit-out features for research and development and 1,628 square metres of storage areas, and finally a cafeteria of 1,039 square metres. A multi-storey car park with 556 spots plus 31 surface parking spots is available to employees on the grounds. In the medium term, it is intended to install a photovoltaic system on the warehouse roof.
“Our tenant very much appreciates its facility at Flugfeld Böblingen/Sindelfingen, and is planning to occupy the site long-term. Principally speaking, the complex has a very high potential for alternative usage both as a whole and in individual parts,” said Daniel Asmus, Team Head Transaction Management Office Germany at HIH Invest.
“We’re glad we managed to secure this attractive asset for our investor. For forward-looking investors, the time has come to seize emerging opportunities and to take a counter-cyclical approach. Single mandates let us respond very flexibly to the current market situation. At the same time, our extensive network enables us to identify and exploit opportunities,” added David Sanders, Senior Fund Manager at HIH Invest.
The technology hub benefits from highly convenient transport links, including a junction with the A81 motorway directly next to the property and the Böblingen railway station with its local and long-haul service connections, which lies within walking distance. Stuttgart, the state capital of Baden-Württemberg, as well as its airport and exhibition grounds are only about 20 kilometres away each. Flugfeld Böblingen/Sindelfingen represents an established and yet growing office, research and residential location that extends over a total of 80 hectares. At present, it is home to 4,000 residents and 7,000 workplaces. The automotive sector in Sindelfingen provides more than 40,000 jobs, thereof 35,000 in the world’s largest automobile plant operated by Mercedes-Benz.
Baker Tilly Rechtsanwaltsgesellschaft conducted the legal and fiscal pre-acquisition audits while WITTE Projektmanagement undertook the technical audit. The ESG due diligence was done by ea development. BNP Paribas Real Estate GmbH advised the seller side during the transaction.
