A core European real estate investment fund managed by Hines has sold a 7,000sqm office asset in Germany to R+V Versicherungsgruppe.
Hines Pan-European Core Fund (HECF) said it sold the fully-let Metropolitan building to the German insurer for an undisclosed sum.
Metropolitan, built in 2003, is located in the immediate neighbourhood of Dusseldorf Schauspielhaus on Gustav-Gründgens-Platz. is located in the immediate neighbourhood of Dusseldorf Schauspielhaus on Gustav-Gründgens-Platz.
The asset has been in HECF’s portfolio since 2011.
Peter Epping, HECF fund manager, said: “The sale of Metropolitan is a successful example of our strategy to create long-term value through active asset management and selectively realise profits through timely disposals.
“Following the restructuring of the tenancy, it was the right time now to take advantage of the extraordinarily strong German investment market. We are delighted with the value growth and double-digit returns we have created for our investors with this property.”