Deka Immobilien GmbH has acquired the "Zeppelin Carré" property, in the central business district of Stuttgart, for the open-ended real estate fund Deka-ImmobilienGlobal. The parties agreed not to disclose the purchase price.
The office and commercial building includes a hotel, offers around 50,500 m² of leasable space, and is located across from the main railway station of Stuttgart in the immediate vicinity of the Königstraße shopping area.
In addition to office use, the building also includes the Steigenberger Graf Zeppelin hotel, a 5-star premium hotel with 155 rooms and suites that were extensively modernised in 2010/11. The property is rented to a number of well-known tenants under long-term leases, including Robert Bosch GmbH, Bankhaus Bauer and the City of Stuttgart.
The Stuttgart real estate market is currently experiencing high demand for city centre office space, together with a low level of supply and rising rents, and displays a high degree of stability. The location also has one of the lowest vacancy rates in Germany.
Source: Deka Immobilien