14 Feb GIEAG acquires office property in Stuttgart with potential for innovation
GIEAG Immobilien AG (GIEAG) has expanded its portfolio of commercial properties with the acquisition of the office property Neckartalstraße 131 in Stuttgart. This property has around 5,000 sq m of rental space and was previously used by the owner. GIEAG had the purchase agreement for the property notarized last year, and it has been agreed not to disclose the seller and the purchase price. Ellwanger & Geiger Real Estate GmbH, a member of German Property Partners GPP, acted as the estate agent.
The property was built in 1992 and has a ground floor, two upper storeys and a staggered storey. It is located in the second row of Neckartalstraße and was fully used as an office property until recently. It has an excellent traffic infrastructure thanks to its connections to both public transport as well as the B10 dual carriageway. Stuttgart’s main train station can be reached by public transport in just 15 minutes.
Thomas Männel, a member of GIEAG AG’s Managing Board, pointed out the excellent development potential for this newly acquired property:
“The property is in a highly attractive location and is in excellent condition. We aim to sustainably develop the property we have acquired and increase its value over the long term. As part of our conscientious due diligence we are currently reviewing various possibilities for its use that would be possible after we have revitalised the property,” commented Thomas Männel.