HIH Invest has acquired the residential complex "Quartier auf dem Flugfeld" in Böblingen (Baden-Württemberg) for the open-ended special AIF "HIH Wohninvest Quartiere Deutschland". The seller is the Hamburg-based investment, asset and fund manager HT Group, which acquired the property in 2013 for the closed-end real estate fund "domicilium 7" (at that time still under the Hamburg Trust brand). The fully let residential property with a total lettable area of around 10,300 square metres was completed in 2012. It has 121 residential units, a commercial unit on the ground floor and an underground car park with 181 parking spaces.
The residential complex is located at Albrecht-Berblinger-Weg 15-17, Auguste-Piccard-Weg 1-3 and Wilhelmine-Reichard-Weg 2-8. The residential units have 2 to 4 rooms and all apartments have a balcony. The property is part of the new "Flugfeld" urban district – the largest construction project in the Stuttgart region, which is located on a former airport site. Apartments as well as commercial and service areas are being built on around 80 hectares with short distances to local amenities, leisure facilities and medical care. Böblingen's main train station can be reached in about ten minutes on foot, the old town in about 15 minutes. Numerous green spaces, the Lange See and the Stadtgarten are located in the immediate vicinity for local recreation.
Tom Kircher, Senior Fund Manager at HIH Invest, says: "With the acquisition in Böblingen, we are securing a modern, fully let residential property for our investors in one of Germany's strongest economic regions. The investment provides an immediate stable cash flow and benefits from the long-term high demand for housing in the Stuttgart area. In addition, there is an attractive potential for rent increases."
Böblingen has around 50,000 inhabitants and is located in the Stuttgart metropolitan region, one of the most attractive residential and working markets in Germany. The city benefits from its proximity to the state capital and is an important technology location with numerous companies from the IT and automotive industries. In the new "Flugfeld" urban district, the airfield clinic will be completed by 2028, creating around 700 hospital beds and 2,200 jobs.
Nadine Robra, Head of Transaction Management Residential at HIH Invest, explains: "The balanced mix of apartments appeals to singles, couples and families alike and contributes to a sustainable mix in the neighbourhood. With the planned commissioning of the new airfield clinic in 2028, we expect additional demand at the site due to the influx of employees."
Andreas Stegmann, Chairman of the Management Board at HT Group, adds: "We see it as a great success that a high-profile and trustworthy investor has chosen the property in Böblingen. The transaction illustrates that high-quality residential properties in good urban locations continue to be in high demand, even in an environment characterised by uncertainty and changeable financing conditions, and are considered a stable, crisis-resistant investment."
The legal and tax due diligence was carried out by Clifford Chance from Frankfurt/Main. Drees & Sommer from Frankfurt/Main was responsible for the technical and ESG due diligence.
