Boblinger Baugesellschaft (BBG) is realising the new PULSE development in the centre of Boblingen. Work to demolish the existing City Center retail complex is nearing completion, and construction of the new development designed by Steinhoff/Haehnel Architekten GmbH, which combines retail, office and residential space, on the 7,450m² site is set to begin in the coming weeks.
BBG has already successfully sold one of the two sections, section B, to an individual fund (open special AIF) of Kreissparkasse Boblingen, which is managed by Hamburg-based Warburg-HIH Invest Real Estate, even before construction work is due to start. The transaction was completed as part of a forward deal. The success of the transaction hinged on the smart usage concept and the high share of commercial units in section B.
“The transaction was deliberately structured as an off-market deal and we were able to reach closing within two months,” said BBG Managing Director Rainer Ganske. “This underlines the high level of professionalism and commitment of all those involved.”
“We are delighted to have secured part of a very attractive residential and office complex on behalf of Kreissparkasse Boblingen, in close proximity to its head office, at such an early stage,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest Real Estate. “The project is the perfect fit with the investment strategy of an individual fund that is based on solidity and sustainability.”
