Hines buys Mercedes Benz Bank headquarters

Hines has acquired the Mercedes Benz bank building in Stutgart through its Hines Global REIT from DDE Limited. LLBW acted as lender on the transaction, while Colliers Bräutigam & Krämer was the broker. It’s the first acquisition Hines has made Germany. The 24,436 sqm property is fully leased to Mercedes-Benz Leasing GmbH, a subsidiary of Mercedes-Benz Bank AG.
The building, completed in 2003, consists of two six-story blocks in the north end of Stuttgart. Two cafés on the ground floor service the facility, together with underground parking garage for 540 cars. “The Mercedes-Benz Bank Building is a high-quality asset with a strong tenancy that complements Hines Global REIT’s existing portfolio,” said Charles Hazen, President and CEO of Hines Global REIT. “Germany’s economy is one of the strongest in Europe, and by purchasing this asset, we have increased the geographic diversity of the REIT to a fifth country outside of the U.S.”