A major acquisition for Canadian Pension Plans has been completed by .
The Toronto-based global real estate firm acquired the 16,500 square meter, four-story mixed-used property in Leinfelden-Echterdingen near Stuttgart, Germany, on behalf of its client, the fifth acquisition is has made on their behalf.
“Structured as a forward commitment, the redevelopment involved reconfiguring and modernizing a manufacturing facility built in 1940 into a mixed-use, state-of-the-art facility. We are pleased the property achieved both DGNB Gold certification and near full lease-up prior to completion,” says Amy Erixon, Avison Young Principal and Global Head of Investment Management. “The purchase demonstrates our focus on long-term strategies backed by a deep understanding of market dynamics to deliver returns for our clients across the investment lifecycle and in keeping with robust environment, social and governance investment strategies.”
The deal began in 2016 and was completed in December 2019 and included debt financing, leasing and development oversight services.
“We regularly advise our clients on purchasing strategy and we were able to exceed target investment returns with this fifth completed purchase as a result,” adds Udo Stöckl, Avison Young Principal and Managing Director of the firm’s German offices. “German market conditions are challenging and we are proud to have shown determination and discernment obtaining this property as we continue to expand the portfolio.”
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
