Privately-owned real estate investment manager Redevco has acquired a mixed-use property in Düsseldorf from German pensions giant Bayerische Versorgungskammer (BVK) for more than €100 mln.
The off-market transaction includes a 38,000 m2 mixed-use property known as Dieterich Karree comprising a convenience retail floor and more than 280 residential units.
Redevco said the deal marked the second transaction on behalf of Redevco’s specialist strategy to deploy €500 mln in the residential sector in the Netherlands, Germany, Spain and the United Kingdom in the coming years.
Andrew Vaughan, CEO Redevco, commented: 'Dieterich Karree is an excellent example of the type of property that plays to our skills and expertise while allowing us to grow our exposure to residential assets in attractive urban areas.
'As an investor in retail and urban living, we can add value with our specialist knowhow and we look forward to continuing to deliver on our residential strategy.'
Constructed in 1978 and refurbished in 2013, Dieterich Karree is located in residential neighbourhood Düsseldorf-Pempelfort. Its apartments are split over 10 residential blocks and are located on the first floor.
Its convenience retail space on the ground floor totals 11,430 m2, and offers 660 underground parking spaces. Its anchors are Edeka, Aldi Süd, pharmacy dm-drogerie markt, and Deichmann, while the space includes other convenience stores and a number of F&B concepts.
Redevco said it was planning a major refurbishment programme including sustainability and energy-efficiency improvements in the coming years.
Colliers acted as advisor to BVK, while Barings Real Estate, managed the transaction on behalf of the vendor. Legal advisors were Hogan Lovells, Düsseldorf (Redevco) and CMS Hasche Sigle, Hamburg (BVK). Duff & Phelps acted as technical advisor for Redevco.
