Transactions - NOVEMBER 30, 2016

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Hines acquires second U.K. asset for €1.3b BVK mandate

by Andrea Waitrovich

Hines, with its partner Universal-Investment, has acquired a mixed-use property in Manchester, England, from Trinistar Manchester, a joint venture between Starwood Capital Group and Trinity IM.

The acquisition of the Royal Exchange in Manchester city center was made for an institutional real estate fund on the platform of Universal-Investment, administered and managed on behalf of Bayerische Versorgungskammer.

The property includes a 700-seat Royal Exchange theater, and the 264,000-square-foot building incorporates 81,000 square feet of retail and leisure space and 121,000 square feet of office space. The tenants in the retail and leisure space include Molton Brown, Starbucks, Swarovski, L’Occitane and Hotel Chocolat. The office space is currently being comprehensively refurbished to create highly specified modern space, of which 82,000 square feet is available for lease.

The property represents the second acquisition in the United Kingdom for the BVK European

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