Hines fund acquires retail asset in Berlin

Hines Pan-European Core Fund (HECF) has acquired a retail property in Berlin from German developer Sedlmayr-Investa Immobilien. The investment volume was not disclosed.

Schlossstrasse 20 is a corner building located in the Berlin borough of Steglitz. The asset was completed in 2010 and comprises 6,250 m² on six floors. German property publication Thomas Daily reported the property was developed at a cost of about EUR 40 mln.

The building is entirely let to Sportscheck, a German sporting goods retailer, and serves as its Berlin flagship store.

Hines Immobilien GmbH, assisted in the acquisition process and will be responsible for asset management. Kemper's Jones Lang LaSalle Retail acted in an advisory capacity.

'HECF is entering the Berlin market with the acquisition of this high-quality new building with solid tenancy, and we are pleased to add to the diversification of the existing HECF portfolio with a retail building,' said Christoph Reschke, co-managing director for Hines Germany . 'The Berlin market plays an important role in the expansion of Hines in Germany, be it for quality acquisitions, well-leased buildings or for new development projects.'