Hines invests €190m for BVK in Spanish office, retail sectors
Bayerische Versorgungskammer (BVK) has invested €190m in Spain’s office and retail markets.
Germany’s biggest pension fund made the investment through a €1.3bn separate account managed by Hines.
Hines and German investment company Universal-Investment bought the two prime high street retail assets with office space in Madrid and Barcelona.
The deals are the eighth and ninth for the mandate.
Peter Epping, managing director of investment management for Hines Europe and fund manager for the BVK account, said: “Both assets represent great investment opportunities for BVK in two of the best high streets in each city.”
The Madrid property, on Calle Preciados/Maestro Victoria, was purchased from Spanish Groupo Baraka for €100m.
Hines expects to create a prime flagship retail asset.
The Barcelona asset, on Paseo de Gracia, was bought from a private vehicle managed by Banco Popular for €90m.
Hines has now completed nine transactions allocating over €900m of the €1.3bn investment mandate which is targeting prime high street retail assets across Europe.