News

Becken buys land for first project development in Stuttgart

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

- A mixed use of space for offices as well as research and
development is planned on around 24,000 square metres

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

Hamburg, 16 November 2019 - The German real estate company Becken is continuing to expand its project business in southern Germany. To this end, the project developer, which operates throughout Germany, acquired an approximately 10,000 square metre plot of land from the Flint Group in the Feuerbach-OST district of Stuttgart at the end of February. The property is a developed former factory site of the seller, an internationally active supplier to the printing and packaging industry. A new building with mixed use areas for office space as well as for 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 with its numerous resident companies is a highly attractive market for us. With the planned utilisation concept for around 24,000 square metres of rental space and a flexible number of pure office spaces in combination with laboratory or research and development areas, we are reacting to the changing working environments 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 building space with greater flexibility in terms of floor plan utilisation 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."

Not far from Stuttgart's city centre is the economically strong research and technology district of Feuerbach. The property at Kruppstrasse 2 has optimum access to major roads, the A81 and A8 motorways and is within walking distance of suburban and underground railway stations and bus connections. Various shopping facilities, bakeries and restaurants are located in the immediate vicinity of the property. Stuttgart can look back on the largest percentage increase in marketing volume in 2019 among the German metropolises. According to gif (Gesellschaft für Immobilienwirtschaftliche Forschung e.V.), 45 percent more office space was traded here than in the previous year. With a further decline in the vacancy rate and in view of the high owner-occupancy rate, it is to be expected that the supply side can only be relieved slightly by the forecast construction completions with a total of 126,000 square metres in 2020. Legal and tax advisors on the buyer side were Wiegel Ihde Ekrutt + Partner mbB and on the seller side Baker & McKenzie Frankfurt. As broker, Knight Frank Industrial GmbH & Co. Immobilien KG acted as broker.