Deal cross border a Parigi, Hines e la tedesca Universal Investment acquisiscono l’ iconico bulding “Marche Saint Germain” dalla belga Banimmo


Hines, the international real estate firm, and German investment company Universal-Investment, have successfully completed the acquisition of Marché Saint Germain, a three-story mixed-use asset, for an institutional real estate fund administered and managed on behalf of Bayerische Versorgungskammer (BVK). The asset has been acquired from Banimmo, a Belgian REIT.

Marché Saint‐Germain, which was originally built in 1995 aiming to resemble the historic market halls on the same site, is located in the heart of the famous Parisian area Saint‐Germain‐des‐Prés. It sits on a rectangular land site of 6,908 square meters which is developed over three floors and is part of a mixed-use building of 6,572 square meters including eight public areas, which are owned by the City of Paris, and three private areas. The asset was renovated in 2016 and is 100 percent leased to six tenants including Apple, Marks & Spencer, Nespresso and Uniqlo.This transaction is the fifth acquisition by Hines and Universal-Investment for the BVK mandate, having been appointed late last year to execute a €1.3 billion investment program targeting prime high-street retail property across Europe. With the closing of this deal, approximately 47% of the portfolio has been committed. The acquisition follows the purchase of two assets in Milan, and further prime high street retail assets in Oslo and Glasgow.“With its location in one of Paris’ most sought after and affluent neighborhoods, Marché Saint Germain is an ideal asset for acquisition. The quality and character of the building, coupled with its diverse income profile from leading retail brands, make this asset a compelling proposition for BVK,” said Peter Epping, managing director – Investment Management for Hines Europe and fund manager of the account.

Lars Huber, CO-CEO of Hines Europe, added, “We are very pleased with the speed so far at which we have been able to identify and acquire core-plus and value-add assets in European prime retail locations for BVK. We are excited to add this asset to the BVK portfolio and our teams are very focused on making this new strategy a success.”

Alexander Tannenbaum, Managing Director of Universal-Investment, adds, “German institutional investors favor retail properties in their increasing real asset portfolios as they deliver steady returns and provide good diversification”.

Source : Joint  Press Release

Testata giornalistica non registrata ai sensi dell’Art.3 bis del D.L. 18 maggio 2012, n. 63 convertito in Legge 16.07.2012 n°103

Mediatechnologies Srl

Powered by WordPress