US developer-investor Hines has acquired the Düsseldorf Arcaden shopping centre in the German city's Bilk district.

US developer-investor Hines has acquired the Düsseldorf Arcaden shopping centre in the German city's Bilk district.

The acquisition was carried out on behalf of a German special real estate fund for institutional investors managed by Union Investment.

Canadian group Ivanhoé Cambridge sold the 38,000 m2 retail asset for an undisclosed amount. ING provided long-term bank finance for the deal.

Hines Immobilien said it is taking on the long-term asset management of the property, which was developed and completed in 2008.

The scheme hosts 110 retail tenants, including Media Markt, H&M, New Yorker, Esprit, JustFit, dm, C&A, Kaiser’s, Aldi, Deichmann, CCC Shoes as well as Playmobil. Furthermore, it offers 829 parking spaces as well as 2,200 m2 of residential accommodation. A new food court is currently under construction in a central part of the centre.

'This transaction is in line with our strategy to reposition some mature assets and reinvest capital into strategic products or opportunities in key European cities like Paris and London,' said Meka Brunel, executive vice president, Europe, Ivanhoé Cambridge.

Ivanhoé Cambridge was represented by CBRE and advised by Allen&Overy, PWC and Valteq. Hines was advised by Berwin Leighton Paisner, Ernst & Young and ChandlerKBS.