Brookfield buys Stuttgart aparthotel as part of mixed-use deal

Christie & Co has announced the sale of the SI Centrum mixed-use development and the adjacent 192-key SI Suites aparthotel.

The complex and aparthotel have been purchased by a real estate fund managed by Brookfield, from vendor Balandis Real Estate AG.

Attracting two million visitors per year, SI Centrum was originally built in 1960, with significant extensions in 1994 and 1997. It comprises two musical theatres (capacity 3,645) let to Stage Entertainments, a 454-key 4-star DOMERO hotel, a six screen CinemaxX cinema, 19 restaurants and bars, a spa with extensive gym, offices, residential and retail, as well as the city's only casino.

Managing director of Christie & Co's operations across central and northern Europe Lukas Hochedlinger said: "SI-Centrum is a class leading leisure & entertainment complex with a highly profitable revenue mix, where tenants benefit from strong mutual demand drivers and are market leaders in their respective fields. This investment opportunity represented a very rare opportunity to acquire a well invested asset delivering secure multiple income streams."

Christie & Co's head of leisure and development Jon Patrick said: "Interest in the alternative investment sectors remains robust and with SI-Centrum and SI Suites, Brookfield have acquired a well managed and well maintained investment with a strong, long term tenant which also offers a number of opportunities to enhance income through active estate management and further development."

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