Christie & Co drive investment sales of SI-Centrum & SI-Suites in Stuttgart
Specialist property adviser Christie & Co today announced the sale on behalf of balandis real estate ag of one of Germany’s prime, mixed use investment assets - the 126,000 sq m SI-Centrum together with the sale of the adjacent 192 key SI-Suites Aparthotel.
The complex and Aparthotel have been purchased by a real estate fund managed by Brookfield. Attracting some two million visitors per annum from a wide geographical area encompassing the south of Germany as well as Northern Switzerland and the Alsace region of France, SI-Centrum was originally constructed in 1960, with significant extensions in 1994 and 1997 as well as annual investment by balandis.
The impressive leisure, entertainment and hospitality operation comprises two musical theatres (capacity 3,645) let to Stage Entertainments, a 454-key 4-star DORMERO hotel, a six screen CinemaxX cinema, 19 restaurants and bars, a spa with extensive gym, offices, residential and retail, as well as the city’s only casino.
The development is supported by dedicated on-site covered car parking for circa 2,350 vehicles as well as parking for 55 coaches under a lease to APCOA.
Managing Director of Christie & Co’s operations across Central & Northern Europe Lukas Hochedlinger commented: “SI-Centrum is a class leading leisure & entertainment complex with a highly profitable revenue mix, where tenants benefit from strong mutual demand drivers and are market leaders in their respective fields. This investment opportunity represented a very rare opportunity to acquire a well invested asset delivering secure multiple income streams.”
Christie & Co’s Head of Leisure & Development Jon Patrick concluded: “Interest in the alternative investment sectors remains robust and with SI-Centrum and SI-Suites, Brookfield have acquired a well managed and well maintained investment with a strong, long term tenant which also offers a number of opportunities to enhance income through active estate management and further development.”