Pension fund administrator Bayerische Versorgungskammer - one of Germany's most prominent real estate investors - demonstrated the country's love affair with the 'carré' or square in September.
Pension fund administrator Bayerische Versorgungskammer - one of Germany's most prominent real estate investors - demonstrated the country's love affair with the 'carré' or square in September.
BVK emerged as the buyer of one such complex and the vendor of another in PropertyEU Research's analysis of reported investment transactions of €20 mln and above during the review period.
A carré can be either a retail or office-led scheme in a central location in many German cities.
A BVK-managed fund sold the Friedrichs-Carré in Stuttgart in early September to fund manager Cordea Savills. Friedrichs-Carré is a 20,000 m2 office complex completed in 2002 with retail units and restaurants on the ground floor. The property is virtually fully leased. Cordea Savills Real Invest I acquired the Friedrichs-Carré and the 17,000 m2 Glückaufhaus office property in Essen for a total outlay of €120 mln.
A day earlier BVK bought the Dieterich Karree (a variation on carré) in Dusseldorf’s downtown Pempelfort district from Tristan Capital Partners for €70.5 mln. The mixed residential/retail complex was sold by Tristan Capital's CCPIII fund in a deal reflecting an initial yield of 5.2%. The Dieterich Karree has 18,300 m2 of residential units and 11,300 m2 of retail space. It is 95% occupied.
And, in October Union Investment Real Estate announced it was expanding its portfolio in Stuttgart with the acquisition of the 7,400 m2 Century retail and office building, located in the city centre. The Hamburg-based fund manager acquired the property from developer Bülow, from whom Union Investment bought the adjacent, newly constructed Bülow Carré office and commercial property in 2012.