Hines JV buys two retail assets in Spain for €190m
Hines and Frankfurt-based Universal-Investment have acquired two prime high street retail assets with associated office space in Madrid and Barcelona on behalf of a €1.3 billion ($1.4 billion) separate account for the €69 billion ($75 billion) Bayerische Versorgungskammer, a German pension fund.
These purchases represent the eighth and ninth acquisitions for the BVK mandate. In Madrid the property, which is located at the intersection of Calle Preciados and Calle Maestro Victoria, has been purchased from Spain-based Grupo Baraka for €100 million ($108 million). The Barcelona property, located on Paseo de Gracia, was bought from a private vehicle managed by Banco Popular for €90 million ($97 million).
The Madrid transaction comprises two adjacent buildings, Preciados 13 and Maestro Victoria 5, with a combined area of approximately 54,000 square feet. Hines expects to create a prime flagship retail location on one of Spain’s busiest shopping streets.