Hines' Pan-European core fund acquires Caleido in Stuttgart, Germany (DE)

Hines, the international real estate firm, announced today that its Pan-European Core Fund (HECF) has aquired Caleido in the CBD of Stuttgart, from Hochtief Projektentwicklung GmbH.
The 18,700 m², newly developed building is located in Stuttgart’s city center, next to the new “Gerber” shopping center (due to open in September 2014). Over six floors, the DGNB silver certified property provides office, retail and residential accommodation as well as an upmarket gym space. Main office tenant is ELO Digital, a provider for digital storage solutions.
“With the acquisition of Caleido, HECF was able to acquire an attractive prime property which exemplifies the quality focus of the fund” explains Ken MacRae, Managing Director Hines Luxembourg. “Against the backdrop of the positive development of the Stuttgart market and with its stable and broad-based tenant mix, the asset is well-suited for a long-term investment.”
The acquisition of Caleido expands Hines’ growing asset management portfolio of prime office buildings in Stuttgart, which includes the recent acquisition of Kronprinzbau as well as the headquarters of Mercedes-Benz Bank.
Emanuel Coskun, Director of Hines Germany, said: Stuttgart is one of Germany’s most stable markets. With its prominent position at the Southern edge of Stuttgart’s city ring road, “Caleido” combines strong credit tenant as well as appealing architecture in this up-and-coming part of the city centre.”
Source: Forum Event