DUBLIN DEVELOPER Ellier and clients of Davy Stockbrokers have invested €43 million in a property in Stuttgart. The joint venture has acquired Königstrasse 19a, an eight-storey property on the city's main shopping street.
The acquisition is the second in Stuttgart for the joint venture, which invested €26 million in a property in the city in 2006.
Ellier has already been involved in the refurbishment and expansion of the Königstrasse building, which now provides 4,726sq m of space and feature Geox, Vodafone and fashion business New Yorker, which is the anchor tenant.
Ellier believes that Stuttgart will show one of the strongest levels of retail rental growth in Germany over the next few years. In the past 10 years, Stuttgart has achieved rental growth of 25 per cent in comparison to a 14 per cent average decrease for all of the former west Germany.
City planners are proposing a €4.8 billion regeneration project for the area that is expected to begin in 2010.
Ellier, which was founded in 1993, is involved in the development of both residential and commercial properties in Ireland and abroad.
