HAMBURG/KIEL HSH Nordbank will provide a real estate fund managed by J. P. Morgan Asset Management with a high, double-digit million amount over five years for the purchase of an office complex. The six buildings located in the Stuttgart district of Bad Cannstatt were erected in the years 1987 to 1999 and have space totalling nearly 58, 000 square metres. The office space is leased to Deutsche Telekom until the end of 2021.
“Stuttgart is among the top 7 office locations in Germany and we see significant excess demand particularly for interconnected office units. The preconditions for these properties located along Nauheimer Strasse, which are currently fully leased, are therefore very good also looking ahead long term, ” said Peter Axmann, Head of the Real Estate Clients division at HSH Nordbank.
Assisting foreign investors with their borrowing in Germany is a key part of HSH Nordbank’s real estate financing business. With its Global Real Assets Team, the J. P. Morgan Asset Management fund company, which belongs to J.P. Morgan Chase & Co., manages assets of more than USD 90 billion worldwide, including in the USA, Europe and Asia, and has for 45 years been offers investors a global platform for real estate and infrastructure.
This is already HSH Nordbank’s second finance deal for a J.P. Morgan fund within the past few months.