- Development finance in the middle double-digit euro million range
- Growing pbb's business activities in Baden-Württemberg
Munich, 03 July 2017 — pbb Deutsche Pfandbriefbank has provided financing for
the “Office RS” building at “Synergie Park Stuttgart”, the largest business park in Baden-Württemberg’s state capital. The project is being implemented by the Joint venture partners, Stuttgart-based W2 Development GmbH and the investment company Competo Capital Partners GmbH from Munich. Within the scope of this financing, concluded in May 2017, pbb provided funds in the middle double-digit euro million range.
In the context of the development, which is at Ruppmannstrasse/ Schockenriedstrasse, close to the Stuttgart-Vaihingen train station, a seven-storey building will be erected on an empty plot of land which is currently used as a parking area. The total area comprises about 18,000 square metres. In addition, a two-level underground car park with 333 spaces as well as 25 exterior parking spaces are planned.
The future use will provide for a mix of modern and contemporary retail and gastronomy offers, alongside a flexible usage of office space on six floors. The developers are aiming for gold-rated certification of the building by the Leadership in Energy and Environmental Design (LEED) or the German Sustainable Building Council (DGNB). Willwersch Architekten, a renowned local architecture firm from Stuttgart, has been entrusted with the planning.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank, said: “Baden-Württemberg represents an attractive region; we are looking to expand our activities there. We will make the Bank's full expertise available to developers and investors. We are particularly looking forward to our role as a financing partner for this attractive development, in what is currently the largest Business park in Stuttgart. Furthermore the project represents a welcome expansion of our business relationships with W2 Development GmbH and Competo Capital Partners GmbH.”
Media contacts:
Walter Allwicher, +49 89 2880-28787, walter.allwicher(at)pfandbriefbank.com
Oliver Gruss, +49 89 2880-28781, oliver.gruss(at)pfandbriefbank.com