Ivanhoe虂 Cambridge has sold a German retail asset to .
The Du虉sseldorf Arcaden centre was bought by Hines for a German Spezialfonds vehicle, with financing from ING.
The deal is Hines鈥檚 first for the unnamed Spezialfonds.
Ivanhoe虂 Cambridge sold the asset as part of a capital recycling plan.
The transaction, said Meka Brunel, executive vice-president for Europe at Ivanhoe虂 Cambridge, is in line with the investor鈥檚 strategy to 鈥渞eposition some mature assets and reinvest capital into strategic products or opportunities鈥� in Paris and London.
Hines Immobilien, which acted as acquisition manager, is taking on the property鈥檚 asset management.
Peter Epping, managing director of Hines Europe and fund manager, said the centre was an 鈥渁ttractive long-term investment opportunity鈥� due to its well-performing retail concept, in conjunction with a 鈥渨ell-balanced risk/return profile鈥�.
The 38,000sqm centre, in Bilk, includes 2,200sqm of residential space.
Tenants include Media Markt, H&M and Playmobil.
