Hines, the US-based real estate firm, and German investment company Universal-Investment have completed the acquisition of a mixed-use asset in Paris on behalf of German pension fund BVK's 鈧�1.3 bn mandate.
This is the fifth acquisition by Hines and Universal-Investment for the BVK investment programme that targets prime high-street retail property across Europe. With the closing of this deal, about 47% of the portfolio has been committed.
The three-storey March茅 Saint Germain mixed-use asset was sold by Belgian REIT Banimmo.
March茅 Saint-Germain was built in 1995 to resemble the historic market halls previously on the site, located in the heart of Saint-Germain-des-Pr茅s in Paris. It sits on a rectangular site of 6,908 m2 and is combined with eight public areas owned by the City of Paris and three private areas. The acquired asset was renovated in 2016 and is 100% leased to six tenants including Apple's new concept store, Marks & Spencer, Nespresso and Uniqlo.
The acquisition follows the purchase of two assets in Milan, and further acquisitions of prime high-street retail assets in Oslo and Glasgow.
Xavier Musseau, Hines managing director, said, 'BVK entrusted us with an investment mandate of about 鈧�1.3 bn to invest in prime high-street retail assets in European city centres. The March茅 Saint Germain is the perfect kind of property we were looking for, as much for the revitalisation of the site, as for the big name brands that will be housed there and make it a big success. We're very pleased with this acquisition, which marks a first step in Hines France's commitment to building a diversified and emblematic property portfolio.'
