GLOBAL - The German pension fund, Bayerische Versorgungskammer (BVK), has acquired an office and commercial building at the prime location Königstrasse 31, in Stuttgart.

It will be held for the supplementary pension fund of Bavarian communities.

The property was brokered via the Stuttgart branch of the Angermann real estate consultancy firm.

In other news, the Prague-based company Czech Property Investments (CPI) has acquired a 50% stake in COPA Centrum Narodni.

CPI bought the 50% interest from a private investor, Interco Holding, while COPA is retaining its 50% stake in the property.
COPA Centrum Narodni is a 28,000 square meter office and retail scheme in Prague.

James Chapman, partner at Capital Markets Group, said: "We have seen a number of Central Europe's more experienced investors look at prime development opportunities. This is due to healthy occupational demand and the ability of good projects to secure financing. We expect this trend to continue during the next 12 months."

Elsewhere, Axa Real Estate Investment Managers has sold the Grosvenor Shopping Centre in Macclesfield on behalf of its client Friends Life Company to Eskmuir Securities.

The 88,000 square foot shopping centre, which was sold for £20.8m (€23.9m), is located in the heart of Macclesfield town centre in Cheshire and comprises 45 units.

James Owen, senior fund manager at Axa RE, said: "Since acquiring the shopping centre, we have undertaken a number of asset management initiatives to enhance the value of the property.

"The proceeds of the disposal will enable us to reinvest into our client's existing portfolio, where we have identified a number of opportunities to add value through redevelopment and refurbishment activity."
KLM represented Axa RE, and Colliers International acted for Eskmuir Securities.

Finally, Gide Loyrette Nouel has advised the German asset management company Union Investment on setting up a French OPCI - a locally regulated, tax-efficient structure for real estate investments - 80% held by Union Investment and 20% by Mercialys.

The OPCI (managed by Union Investment Real Estate France SAS) has recently made its first investment, with the acquisition of a shopping centre at Pessac - near Bordeaux - which will undergo restructuring and extension work for a total of €80m.

Wargny Katz acted as joint notary to Union and Mercialys for the deal.