Hines buys fifth asset for €1.3b BVK high-street mandate
Hines, with its partner Universal-Investment, has acquired Marché Saint-Germain, a three-story mixed-use property in Paris, for an institutional property fund managed on behalf of the Bayerische Versorgungskammer.The property was sold by Banimmo, a Belgian REIT. A sales price was not disclosed.
Marché Saint-Germain was built in 1995 and is located in the Parisian district of Saint-Germain-des-Prés.Marché Saint-Germain was built on a 74,360-square-foot rectangular plot. It covers three floors and is part of a mixed-use building with an area of 70,740 square feet, comprising eight public sections owned by the city of Paris, as well as three private sections. In 2016, the building was renovated and is leased to 100 percent of six parties, including Apple, Marks & Spencer, Nespresso and Uniqlo.
The acquisition is part of a €1.3 billion ($1.4 billion) mandate awarded to Hines from BVK, which started an investment program targeti