Hines fund sells office in Germany

Hines Pan-European Core Fund (HECF), an investment vehicle of international real estate firm Hines, has sold an office property, Metropolitan, located in the central business district of Düsseldorf, Germany, to R+V Versicherungsgruppe.

Financial details of the acquisition were not disclosed.

Completed in 2003, the asset has been in HECF’s portfolio since 2011 and offers around 7,000 square meters (75,000 square feet) of fully let office space on seven floors. The anchor tenant is patent and law firm Cohausz & Florack. The parties agreed to keep the purchase price confidential.

Peter Epping, HECF fund manager, said, “The sale of Metropolitan is a successful example of our strategy to create long-term value through active asset management and selectively realize profits through timely disposals. Following the restructuring of the tenancy, it was the right time now to take advantage of the extraordinarily strong German investment market. We are delighted w