CS investment foundation buys in Germany
An investment group of Credit Suisse Investment Foundation has acquired four commercial properties in the German state of Baden-Württemberg.
The investment group purchased the properties with a total value of 63.9 million euros between June and October 2016. According to Credit Suisse, they are located in prime locations in the cities of Singen, Pforzheim, Stuttgart and Ludwigsburg, in line with their use.
The retail property at August-Ruf-Strasse 5 in Singen is in a prime downtown shopping location. It was built in 1966 and revitalized in 2013/14 and, according to CS, is leased long-term to three well-known retailers with first-class credit ratings. Singen is the second-largest city in the Constance district and is considered an important shopping location in the Lake Constance region.
The property Westliche Karl-Friedrich-Strasse 49 in Pforzheim has first-class retail and office space. Built in 1957, the building was last partially renovated in 2014 and is currently leased to two large retail tenants and a tax consultant as office tenant.
The Stuttgart property is located at Hirschstrasse 20-22 in a well-frequented location in the city center and is almost fully leased. The income is approximately equally divided between retail and office use. Since its construction in 1955, the property has been partially renovated time and again. As the capital of the German state of Baden-Württemberg, Stuttgart is one of the top 7 locations for real estate investments in Germany.
Finally, the portfolio of the investment group is supplemented with a logistics property in Ludwigsburg near Stuttgart. The property consists of two separate halls and is located in the Tammerfeld industrial park. According to Credit Suisse, there is a long-term lease agreement with a tenant with a strong credit rating.
"As the largest economy in Europe, Germany is a particularly attractive market for our investors. It is our goal to further expand our regionally highly diversified portfolio of commercial investment properties in Germany over the coming months," says Marc-Oliver Tschabold, Product Manager, Credit Suisse Real Estate Investment Management. Baden-Württemberg is one of the economically strongest states in Germany, accounting for 15 percent of Germany's overall gross domestic product (GDP). (ah)
