Redevco acquires property in Germany

Redevco has acquired a 38,000-square-meter (409,029-square-foot) mixed-use property comprising a convenience retail floor and more than 280 residential units in Düsseldorf.

The asset, known as the Dieterich Karree, was purchased in an off-market transaction from Bayerische Versorgungskammer (BVK) for more than €100 million ($111 million).

This is the second transaction on behalf of Redevco’s specialist strategy to deploy €500 million ($557 million) in the residential sector in the Netherlands, Germany, Spain and the United Kingdom in the coming years.

Andrew Vaughan, CEO of Redevco, said, “Dieterich Karree is an excellent example of the type of property that plays to our skills and expertise, while allowing us to grow our exposure to residential assets in attractive urban areas. As an investor in retail and urban living, we can add value with our specialist know-how, and we look forward to continuing to deliver on our residential strategy.”Constructed