Bayerische Versorgungskammer (BVK) and Universal-Investment are investing in an Irish retail property.
The Liffey Valley Shopping Centre and adjacent development land are being sold by a group comprising HSBC Alternative Investments (HAIL), Grosvenor and Hines.
The acquisition was made for an institutional real estate fund on the platform of Universal-Investment, administered and managed on behalf of BVK.
Hines will continue to asset manage the centre following the sale.
Brian Moran, senior managing director at Hines Ireland, said: 鈥淟iffey Valley is a landmark asset that in recent years has offered considerable upside potential, thanks to an improving Irish commercial real estate sector, strong tenant demand and significant development opportunities.鈥�
The 71,000sqm asset was upgraded and extended by its former owners.
BVK appointed Hines to run a 鈧�1.3bn retail investment mandate .
