GIEAG Immobilien AG: GIEAG acquires office property in Stuttgart with potential for innovation
GIEAG acquires office property in Stuttgart with potential for innovation Munich, 14 February 2018
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 m2 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.
GIEAG is a family-run Munich based, public limited real estate company. Shares of GIEAG Immobilien AG are traded on the Munich stock exchange. GIEAG's team of experts guarantees innovative and future-proof concepts. The combination of three asset classes - office, residential and logistics - and its two areas of activities - development and investment - means that the company has a stability that is unique on the market. During the past 18 years GIEAG Immobilien AG has developed and optimised a large number of real estate projects ranging in size from between 1,500 m2 to 145,000 m2 and with individual investment amounts of up to EUR 80 million. A partner-like approach, consistency, secure transactions and speed for the basis of GIEAG's sustainable value growth.
Contact GIEAG Immobilien AG Investor Relations, Philipp Pferschy Oettingenstraße 35 80538 Munich email@example.com Telephone: +49 89 290516-0
14.02.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: GIEAG Immobilien AG Oettingenstrasse 35 80538 München
Germany Phone: +49 89 290516-0 Fax: +49 89 290516-11 E-mail: firstname.lastname@example.org Internet: www.gieag.de ISIN: DE0005492276 WKN: 549227 Listed: Regulated Unofficial Market in Munich End of News DGAP News Service