The Bayerische Versorgungskammer (BVK) has completed its purchase of a Paris property through a separate-account mandate with Hines.
Hines and German investment company Universal-Investment bought the Marché Saint Germain asset from Belgian REIT Banimmo for an undisclosed amount. The asset is worth around €130m, according to media reports.
BVK, which appointed Hines to run a €1.3bn retail investment mandate earlier this year, said the property had been renovated recently.
Peter Epping, managing director of investment management at Hines Europe, said: “With its location in one of Paris’s most sought after and affluent neighbourhoods, Marché Saint Germain is part of an already strong but further growing high-street retail precinct.
“The quality and character of the building, coupled with its diverse income profile from leading retail brands, make this asset a compelling proposition for BVK’s high-street retail strategy.”
The 6,908sqm asset is fully let to six tenants, including Apple, Marks & Spencer, Nespresso and Uniqlo.
Hines said around 63% of its mandate had now been committed, having this year invested in Milan for BVK, as well as in Glasgow and Manchester.
Late last year, Hines bought a 5,100sqm building in Oslo’s Karl Johans gate for €52m for the mandate.