Hines and Universal-Investment have invested approximatley €900m in European retail property on behalf of German pension fund BVK.
The latest acquisition – a three-storey retail building in Paris – means that Hines has invested more than two-thirds of the €1.3bn mandate it was awarded 18 months ago.
In January 2016, IPE Real Estate reported that Hines had been hired by BVK, Germany’s largest pension fund, to invest in retail properties across Europe, with Universal-Investment administering the mandate.
The 1,500sqm asset at 28 Place de la Madeleine is the second acquisition in Paris, following a deal in the city late last year.
It will be added to a portfolio that includes buildings in Oslo, Milan, Glasgow, Manchester, Madrid, Barcelona and Copenhagen.
The former Pinacothèque art gallery was sold by Crédit Agricole Assurances.