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Ca immo sells railway authority building and plot in Stuttgart

The Joint Venture partner W2 Development GmbH from Stuttgart and the Munich Investment Manager Competo Capital Partners have acquired the Alte Bahndirektion, the old railway authority building, in Stuttgart. The Alte Bahndirektion building stands on a site spanning some 13,400 sqm adjacent to Stuttgart’s main rail station. The purchase price, which was well above the current book value, was agreed to be kept confidential.

The old railway authority building dates back to 1914 and remained in use until 2011. Owing to construction work linked to Stuttgart 21, only the vacant frontage building of the railway authority structure, which is heritage protected, still remains.

With this transaction, CA Immo is pushing ahead with the steady and profitable utilisation of its German land reserves as well as the concentration on the core regions of Berlin, Frankfurt and Munich. Revenue from the sales will mainly be used to develop high quality office properties in the company’s main cities.