The European headquarters of Hines, the international real estate firm and investment manager, has announced that its Hines Pan-European Core Fund (HECF) has acquired Schlossstrasse 20, a retail property with ancillary office space in Berlin, from the German developer Sedlmayr-Investa Immobilien GmbH.
"HECF is entering the Berlin market with the acquisition of this high-quality new building with solid tenancy, and we are pleased to add to the diversification of the existing HECF portfolio with a retail building," says Co-Managing Director for Hines Germany Christoph Reschke.
"The Berlin market plays an important role for the expansion of Hines in Germany, be it for quality acquisitions, well-leased buildings or for new development projects."
Dr. Michael Hauf, Managing Director of Sedlmayr-Investa said "The sale of this premium product shows that international investors trust in the stability and attractiveness of the Berlin market. Well-situated, architecturally-sophisticated project developments continue to be in demand irrespective of economic cycles."
HECF is a Euro-denominated, Luxembourg-regulated Fonds Commun de Placement (FCP), managed by Hines, with the goal to acquire a geographically diverse portfolio of core commercial buildings across Europe. Schlossstrasse 20 is the fund's fourth investment in Germany. In addition to the building in Berlin, HECF has previously acquired the buildings Domkaskaden (Hamburg), Marienstrasse 15 (Frankfurt) and Campus E, Uptown München (Munich).
Hines entered the European market in Berlin in 1991. In Germany, Hines has a total of 600,000 m² of projects completed or in the pipeline. Current projects include equity developments including Postquartier at Lautenschlagerstrasse 17 in Stuttgart, high-profile development management projects around Germany and key asset management assignments such as the Sony Center in Berlin which was recently acquired by Hines on behalf of an Asian investor