Hamburg Trust and Universal Investment purchase three buildings in the inner-city neighborhood development “Hengstenberg Areal” in Esslingen.
The group of buildings consisting of two office buildings and a student dormitory is almost fully let. The student dormitory with 45 apartments offering space for 86 students is let in the long term to Stuttgart’s student union.
The property was acquired for a real estate special fund launched with Universal-Investment. The investor is a German pension fund, and the asset management of the property will be assumed by Hamburg Trust.
The neighborhood development is situated in an inner-city location in Esslingen’s “Neue Weststadt”. It is the most significant local inner-city site development to date and located on the premises of the former freight depot and the former Hengstenberg company premises with a surface area of 12 ha. Here, a lively new urban development district featuring local amenities, restaurants, service providers as well as healthcare facilities and education institutes is being established. In addition, the new campus of Esslingen University is to be found in the immediate vicinity.
EWB Esslinger Wohnungsbau GmbH based in Esslingen is the bargainor and project developer.