CTP, a leading European developer and manager of industrial and logistics properties, has acquired a 39,000 sqm industrial and commercial site in Stuttgart from Mahle Behr GmbH & Co. KG, a subsidiary of the automotive supplier Mahle GmbH.
The deal is part of a sale and leaseback transaction, as Mahle Behr plans to relocate its research and development operations to its headquarters in Bad Cannstatt.
CTP intends to redevelop the site into a sustainable industrial park, suitable for a variety of users, including innovative production, research and development, and service providers. The project will combine refurbishment and new construction, aiming to conserve resources and minimize environmental impact. The completion of the entire area is scheduled for 2029.
The industrial park will offer a total gross lettable area of around 64,000 sqm, of which around 30,000 sqm is office space, 9,000 sqm is storage space, 18,500 sqm is light manufacturing space and 6,500 sqm other areas. Co-working and co-living spaces will also be available.
CTP is collaborating with the city of Stuttgart and well-known architectural firms to develop attractive and diverse concepts for the urban industrial district. The company is also in talks with the business development agency to attract existing and new businesses to the area.
The acquisition is part of CTP’s expansion strategy in Germany, where it currently owns and manages over 1.2 million sqm of industrial and logistics space. CTP is Europe’s largest listed developer, owner and manager of industrial and logistics properties by gross lettable area, with a portfolio of over 7.5 million sqm across nine countries.