DLA Piper advised KINGSTONE Investment Management on the deal.
KINGSTONE Investment Management (KINGSTONE IM) executed the acquisition of the MAYOFFICE office building in Stuttgart from GIEAG Immobilien AG for the special fund “KINGSTONE Wachstumsregionen Süddeutschland” (KWS). The purchase price is in the mid double-digit million EUROS range.
The building at Maybachstrasse 20 has a gross floor area of around 10,000 m² and will be completed in the second quarter of this year. More than 80% of the space has already been let on a long-term basis with tenants including IT consultancy ADWEKO Consulting, ISM International School of Management and the Stuttgart notary Christiane Stoye-Benk. Lease negotiations are already taking place for the remaining space and further lease agreements can be expected in the near future.
MAYOFFICE is part of a neighborhood development consisting of two multi-purpose buildings. In the neighboring MAYLIVING, 67 residential units are being created, supplemented by a daycare center and another store unit for an ice cream parlor. Well-known attractions such as the Theaterhaus Stuttgart, the Friedrichsbau Varieté and the Höhenpark Killesberg park are in close proximity.
KWS investment fund focuses primarily on core office properties and commercial real estate in selected growth regions in southern Germany and is aimed at institutional investors. The risk/return profile of MAYOFFICE is within the target range of the investment fund and diversified both geographically and in terms of tenant structure. The investment fund, which was launched in summer 2019, is already nearly fully invested.
The DLA Piper team was led by partner Dr Martin Haller (Picture; Real Estate, Munich), who was supported by partner Dr Torsten Pokropp, counsel Eike Neugebauer (both Finance, Frankfurt), senior associates Dr Manuel Indlekofer, associate Thomas Herbst and transaction lawyer Coletta Braun (all Real Estate, Munich).
Law Firms: DLA Piper;
Clients: Kingstone Investment Management;