LBBW Immobilien Management, the asset management arm of the Stuttgart-based bank, has secured a loan of €55.7 mln from peer Berlin Hyp for the refurbishment of a prime Stuttgart site.
The Lautenschlager Areal site comprises an ensemble of four buildings with five or six floors, comprising some 13,100 m2 of offices, retail, F&B and residential space.
By the end of 2017, in the first construction phase, two new buildings were erected and one existing property was refurbished.
In April 2019, construction work will begin on the listed main building, which has already been dismantled to its historic outer façade. Its completion is scheduled for the end of 2020. A sustainability certification is being sought.