Germany’s BVK sells mixed-use Düsseldorf property to Redevco

Redevco has paid over €100m to buy a mixed-use, urban property in western Germany from Bayerische Versorgungskammer (BVK).

The European real estate manager said it has bought the 38,000sqm Dieterich Karree property in Düsseldorf from the €77bn German pension investor in an off-market transaction.

Constructed in 1978 and refurbished in 2013, the asset is made up of a convenience retail floor and more than 280 residential units.

Redevco is planning a major refurbishment programme including sustainability and energy-efficiency improvements in the coming years.

The latest deal is the second transaction on behalf of Redevco’s specialist strategy to deploy €500m in the residential sector in the Netherlands, Germany, Spain and the UK the coming years.

Andrew Vaughan, CEO Redevco, said: “Dieterich Karree is an excellent example of the type of property that plays to our skills and expertise while allowing us to grow our exposure to residential assets in attractive urban areas.

”As an investor in retail and urban living, we can add value with our specialist know-how and we look forward to continuing to deliver on our residential strategy.”