Union Investment secures Century office and commercial building in Stuttgart (DE)

Union Investment Real Estate GmbH is expanding its portfolio in the Stuttgart metropolitan area with a further acquisition. The property fund manager has secured the 7,400 m² Century office and commercial building, located in the city center. The vendor is Bülow AG, from whom Union Investment acquired the adjacent, newly constructed Bülow Carré office and commercial property in 2012. The parties agreed not to disclose details of the purchase price.
The historic property has been extended and fully refurbished, bringing it up to a standard comparable to that of a new build. The building is 100% let to 11 tenants in total. The main tenants include Berenberg Bank, Tialini GmbH & Co. KG and Schönbuch-Bräu GmbH. Century is being added to the portfolio of the UniImmo: Deutschland open-ended real estate fund. “We are delighted to have found another property for Union Investment in Stuttgart’s attractive real estate market. Century is situated in a premium location in Bolzstraße and is one of Stuttgart’s best known historical buildings, making it the perfect complement to our Bülow Carré property,” said Philip La Pierre, head of Investment Management Europe at Union Investment Real Estate GmbH.
The Century building offers around 3,300 m² of retail space, some 1,500 m² of office space and storage, plus a 2,600 m² cinema. Bolzstraße is adjacent to Königstraße in the city center and has been an established leisure and entertainment destination for decades, featuring a wide selection of restaurants and cinemas. It is only a 200 meter walk from Friedrichsbau subway station and 300 meters from Schlossplatz station.
Source:Union Investment