The Stuttgart Region is still a centre of the German automotive industry. Not only Daimler and Porsche are based here, but also many well-known automotive suppliers. One example of use for automotive purposes is the acquisition of a multi-tenant property by the Frankfurt real estate investor DIC Asset AG in Leinfelden-Echterdingen. The municipality borders the state capital to the south. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Right next to the Daimler Truck Campus
The property is currently undergoing renovation and modernisation. It is located directly on the A8 motorway in the immediate vicinity of the Daimler Truck Campus, which is also under construction. In the future, the Daimler Trucks activities, which were previously spread over various locations, will be consolidated there. Stuttgart airport and the Stuttgart trade fair grounds are less than 10 minutes away by car. On completion, the multi-tenant property purchased by DIC Asset AG will have 17,900 square metres of rental space and offer 288 car parking spaces on the site and in an underground car park.
The office building called “Gate 9” was built in 1992 and will be completely redesigned for multi-tenant purposes. The property is already being used by an existing tenant. Contracts have already been concluded with two other tenants – including an automotive supplier. They will move into the building in 2021. The occupancy rate is thus already at 56 percent. DIC Asset AG is aiming for full occupancy by the end of 2021 at the latest and is optimistic that this target will be achieved. The purchase price for the property is around EUR 72 million, and the aim is to achieve a gross rental return of 5.3%.
DIC Asset AG has been investing in real estate for over 20 years and, by mid-2020, managed a total of 186 properties with a market value of approximately EUR 8.5 billion. The purchase was made for the Commercial Portfolio business segment. Here, DIC Asset AG operates as an owner and portfolio manager of real estate with the aim of long-term letting and sustainable value development.
Source: OnVista Picture source: Unsplash