' News

Becken buys land for first project development in Stuttgart

- Real estate company acquires around 10,000 square meters of land from
of the Flint Group in Stuttgart's Feuerbach-OST district

- The plan is to use around 24,000 square meters of mixed-use space for offices, research and
development

- Building application to be submitted in the first quarter of 2021

Hamburg, November 16, 2019 - The German real estate company Becken is further expanding its project business in southern Germany. To this end, the project developer, which operates throughout Germany, acquired a 10,000 square meter plot of land from the Flint Group in Stuttgart's Feuerbach-OST district at the end of February. The property is a developed former site of the seller, an internationally active supplier to the printing and packaging industry. A new building with mixed-use space for offices, research and development and smaller production areas is planned. The building application is to be submitted in the first quarter of 2021. Demolition work is scheduled to begin in the second quarter of next year.

Stefan Spilker, Managing Director of Becken Holding GmbH, says: "The state capital of Baden-Württemberg is a highly attractive market for us with its numerous local companies. With the planned usage concept for around 24,000 square meters of rental space and a flexible amount of pure office space in combination with laboratory and research and development space, we are responding to the changing world of work and innovative forms of production." Dominik Tenhumberg, Managing Director of Becken Development GmbH, explains: "The demand for modern space is not only coming from the service sector; industry also needs new-build space with more flexibility in terms of floor plan utilization and the possibility of variable use. We want to create an appropriate offer for this. We currently expect construction to start at the end of 2021."

The economically strong research and technology district of Feuerbach is located not far from Stuttgart's city center. The property at Kruppstrasse 2 has excellent connections to major roads, the A81 and A8 highways and is within walking distance of S-Bahn and U-Bahn stations and bus connections. There are various shopping facilities, bakeries and restaurants in the immediate vicinity of the property. Stuttgart can look back on the largest percentage increase in marketing volume among German metropolitan areas in 2019. According to gif (Gesellschaft für Immobilienwirtschaftliche Forschung e.V.), 45% more office space was traded here than in the previous year. With the vacancy rate continuing to fall and in view of the high owner-occupier rate, it is expected that the supply side will only be slightly relieved by the forecast construction completions of 126,000 square meters in 2020. Wiegel Ihde Ekrutt + Partner mbB acted as legal and tax advisors on the buyer side and Baker & McKenzie Frankfurt on the seller side. The estate agent was Knight Frank Industrial GmbH & Co. Immobilien KG acted as broker.