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: “Liffey 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.”

The 71,000sqm asset was upgraded and extended by its former owners.

BVK appointed Hines to run a €1.3bn retail investment mandate earlier this year.