Hines, a Houston-based international property investor, said its Hines Global REIT Inc. bought the Mercedes-Benz Bank Building in Stuttgart, Germany, for 51.9 million euros ($69.8 million).
The real estate investment trust acquired the 263,038-square-foot (24,437-square-meter) property from DDE 24 Ltd., Hines said today in regulatory filing. The two-building complex is the headquarters of Mercedes-Benz Leasing GmbH, a subsidiary of Mercedes-Benz Bank AG, and is 100 percent leased by the company through January 2018, according to the filing.
The purchase “complements Hines Global REIT’s existing portfolio,” Chief Executive Officer Charles Hazen said in a statement. “Germany’s economy is one of the strongest in Europe, and by purchasing this asset, we have increased the geographic diversity of the REIT to a fifth country outside of the U.S.”
Hines Global REIT, whose shares do not trade on a stock exchange, also owns properties in the U.K., Russia, Austria and Poland. The company has raised $1.3 billion from the sale of shares from August 2009 through the end of September, according to a regulatory filing.