BVK awards €1.3b European retail mandate
Bayerische Versorgungskammer has awarded a €1.3 billion ($1.4 billion) pan-European retail mandate to Hines.
The separate account program will focus on identifying, acquiring and managing core-plus, value-added and redevelopment retail assets in prime locations on high streets in major markets across 20 countries in Europe. The majority of investments are intended for a long-term hold.
Hines will pursue a range of value-added measures including rental reviews, repositioning and re-leasing of units, store reconfiguration, and light refurbishments. In addition, major redevelopments, including conversions and ground-up developments, will be part of the investment strategy.
“As a business, we are committed to growing our exposure to the high street retail market,” said Norman Fackelmann, department head of real estate investment management at BVK, in a statement. “It is a sector which offers attractive fundamentals, and there are go