Hines, the international real estate firm, and German investment company Universal-Investment, have successfully completed the acquisition of Marché Saint Germain, a three-story mixed-use asset, for an institutional real estate fund administered and managed on behalf of Bayerische Versorgungskammer (BVK). The asset has been acquired from Banimmo, a Belgian REIT.
Marché Saint Germain sits on a rectangular land site of 6,908m² which is developed over three floors and is part of a mixed-use building of 6,572m² including eight public areas, which are owned by the City of Paris, and three private areas. The asset was renovated in 2016 and is 100 percent leased to six tenants including Apple, Marks & Spencer, Nespresso and Uniqlo.
This transaction is the fifth acquisition by Hines and Universal-Investment for the BVK mandate, having been appointed late last year to execute a €1.3bn investment program targeting prime high-street retail property across Europe. With the closing of this deal, approximately 47% of the portfolio has been committed.
The acquisition follows the purchase of two assets in Milan, and further prime high street retail assets in Oslo and Glasgow.
