ANTIRION SGR sets up joint venture with Poste Vita and acquires € 280 mln Königsbau Passagen property in Stuttgart.

Antirion SGR, through a joint venture set with Poste Vita – an Italian insurance company, part of Poste Vita Insurance group, entirely controlled by Poste Italiane – has acquired the Königsbau Passagen, a historic property located in the historic city center of Stuttgart. The building sits close to the main square – Schlossplatz – and the city’s main shopping street – Königstrasse – and benefits from excellent accessibility thanks to the proximity of the railway station, which is only 600 mt far, and two adjacent subway platforms.

The Königsbau Passagen consists of 9 floors above ground plus three basements, two of which serve as parking, for a total area of ~44,000 sqm. 55% of the property’s spaces serve as retail, while ~40% are occupied by offices; the remaining 5% spaces serve as storage facilities and warehouses.

The property is almost entirely rented and has a minimum vacancy rate involving some of its smaller retail spaces which are, nonetheless, quickly relocated to other brands. Saturn, a leading global electronic retailer, is the main tenant and occupies 60% of retail space. The shopping centre also stands out for its wide range of shops: many of which are dedicated to clothing, health and furnishings, as well as a floor – food court – entirely dedicated to restaurants and fast food outlets.

The property was inaugurated in 2006; in 2013 it has been subject to major restructuring and reorganization works.

Stuttgart is the political capital and economic centre of the Federal State of Baden-Wüttemberg. Factors behind Stuttgart’s being a driving force behind the German economy relate to the strong presence on the ground of manufacturing, electronics and automotive industries, including the important HQs of Mercedes, Porsche and Bosch. Stuttgart also offers a particularly attractive Real Estate market, with an average vacancy rate close to 2%.

The operation was carried out by Antirion Global Fund, a closed-end, reserved multi-compartment alternative real estate mutual fund, entirely underwritten by Fondazione Enpam.

Germany’s Real Estate Market – Data and figures at glance

Konigstrasse is the longest retail street – over 1 km – in Stuttgart and of the entire Baden-Wüttemberg region. With a circulation of ~ 6.600 people/hour, Konigstrasse ranks among the top locations on a national level (13th out of 95 locations).

The rent fees in the most appealing locations of the city and specifically in the district of Konigstrasse are confirmed among the highest (275 € / sqm): conquer, in fact, the seventh position at the national level.

In terms of prime rent, the city of Stuttgart ranks fourth after Munich, Berlin and Frankfurt, on an equal par with Dusseldorf and Hamburg.

The investment market in Germany continues to be very flourishing, with 2017 closed with a capital raising of 58 billion euros (+10% 2016-17) of which 13.8 billion euros alone for the retail segment (+7% 2016-17).

Contatti per la stampa:

Barabino & Partners
+39 02/72.02.35.35
Federico Vercellino
f.vercellino@barabino.it
+39 331/574.51.71

Alessio Costa
a.costa@barabino.it
+39 340/344.23.29