Germany’s biggest pension fund has invested in a retail asset in Atlanta.
CBRE Global Investors and Universal-Investment have bought the regional asset for the €80bn Bayerische Versorgungskammer (BVK).
The North Point MarketCenter is 97% leased.
“Economic fundamentals, such as employment growth that is significantly above the national employment growth rate and healthy retail sales, have placed the Atlanta retail market on pace for continued positive growth,” said Jean-Antoine Robert, portfolio manager for CBRE Global Investors
”We see opportunity with dominant retail centers, and the retailers we have at North Point MarketCenter, who represent the segment-leading brands in their respective categories, are well-positioned in this environment.”
CBRE Global Investors said it plans to make improvements to the 427,053 sqft centre.
BVK recently hired USAA Real Estate Company to invest €750m in US residential markets.