Hines, the international real estate firm, announced that Hines Global REIT has acquired the Mercedes-Benz Bank Building in Stuttgart, Germany, from DDE 24 Limited.
The debt financing for the acquisition was provided by the local LBBW, Landesbank Baden-Württemberg. Colliers Bräutigam & Krämer initiated the transaction.
The 263,038 sqm property is fully leased as the headquarters for Mercedes-Benz Leasing GmbH, a subsidiary of Mercedes-Benz Bank AG. Completed in 2003, the asset comprises two separate six-story buildings situated at Siemensstrasse 7 in the north end of Stuttgart. The property has two ground-level cafeterias and two levels of below-grade parking for 540 vehicles.
