BBG completes sale to Kreissparkasse Böblingen special fund via forward deal

• Special fund is managed by Warburg-HIH Invest

Hamburg, 12 March 2021 – Böblinger Baugesellschaft (BBG) is realising the new PULSE development in the centre of Böblingen. Work to demolish the existing City Center retail complex is nearing completion, and construction of the new development designed by Steinhoff/Haehnel Architekten GmbH, which combines retail, office and residential space, on the 7,450 square-metre site is set to begin in the coming weeks.

BBG has already successfully sold one of the two sections, section B, to an individual fund (open special AIF) of Kreissparkasse Böblingen, which is managed by Hamburg-based Warburg-HIH Invest Real Estate GmbH, even before construction work is due to start. The transaction was completed as part of a forward deal. The success of the transaction hinged on the smart usage concept and the high share of commercial units in section B.

“The transaction was deliberately structured as an off-market deal and we were able to reach closing within two months,” says BBG Managing Director Rainer Ganske. “This underlines the high level of professionalism and commitment of all those involved.”

“We are delighted to have secured part of a very attractive residential and office complex on behalf of Kreissparkasse Böblingen, in close proximity to its head office, at such an early stage,” says Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest Real Estate. “The project is the perfect fit with the investment strategy of an individual fund that is based on solidity and sustainability.”

A non-disclosure agreement has been concluded regarding the details of the deal. BBG was advised by EY Munich. BBG also intends to sell section A as part of a forward deal in the coming months.

“The transaction was deliberately structured as an off-market deal and we were able to reach closing within two months. This underlines the high level of professionalism and commitment of all those involved.”

Rainer Ganske, Managing Director

Böblinger Baugesellschaft

“We are delighted to have secured part of a very attractive residential and office complex on behalf of Kreissparkasse Böblingen, in close proximity to its head office, at such an early stage. The project is the perfect fit with the investment strategy of an individual fund that is based on solidity and sustainability.”

Hans-Joachim Lehmann, Managing Director

Warburg-HIH Invest