Ivanhoé Cambridge has sold a German retail asset to Hines.
The Düsseldorf Arcaden centre was bought by Hines for a German Spezialfonds vehicle, with financing from ING.
The deal is Hines’s first for the unnamed Spezialfonds.
Ivanhoé Cambridge sold the asset as part of a capital recycling plan.
The transaction, said Meka Brunel, executive vice-president for Europe at Ivanhoé Cambridge, is in line with the investor’s strategy to “reposition some mature assets and reinvest capital into strategic products or opportunities” in Paris and London.
Hines Immobilien, which acted as acquisition manager, is taking on the property’s asset management.
Peter Epping, managing director of Hines Europe and fund manager, said the centre was an “attractive long-term investment opportunity” due to its well-performing retail concept, in conjunction with a “well-balanced risk/return profile”.
The 38,000sqm centre, in Bilk, includes 2,200sqm of residential space.
Tenants include Media Markt, H&M and Playmobil.