London / Frankfurt am Main, May 24 2016

Hines and Universal-Investment acquire €1.3 billion European high street retail portfolio

Hines, the international real estate firm, and German investment company Universal-Investment have acquired a retail asset on Glasgow’s prime shopping street from Hermes Investment Management, the £24.1 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients.


Retail asset in the centre of Glasgow

Part of 1,3 Billion Euro investment mandate of BVK

Investor is Bayerische Versorgungskammer (BVK)

The acquisition was made for an institutional real estate fund on the platform of Universal-Investment, administered and managed on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme group with approximately €62 billion assets under management. This deal is part of its €1.3 billion investment mandate from BVK which is targeting prime high street retail assets across Europe.

229-249 Buchanan Street is located in the heart of Glasgow’s retail core directly opposite the city’s premier shopping centre Buchanan Galleries and immediately adjacent to Buchanan Quarter. The building, which has a listed-façade, is 65 per cent occupied to three leading fashion and sports brands, with one unit vacant.

The property represents the first acquisition in the UK for the BVK European high street retail account, which Hines was awarded in January 2016. Acquisitions of prime high street retail assets were previously made in Oslo and Milan totalling over €100 million of value.

Jake Walsh, Director, Hines UK, said: “This represented a rare off-market opportunity to acquire a prime retail asset of scale in an excellent location in the city’s retail core. It fully meets our criteria and offers an immediate value add opportunity with the vacant unit.”

Chris Taylor, Head of Private Markets at Hermes Investment Management, said: “The sale of 229-249 Buchanan Street comes at an appropriate time in the market cycle for a value add asset in this location. We will be redeploying the capital from selling the property into other opportunities.”

Lars Huber, CO-CEO of Hines Europe, added: “We are very pleased with the speed at which we have been able to identify and acquire core plus and value add assets in prime retail locations for BVK, and we are making good progress in building their portfolio. We are continuing to target other assets meeting this criteria across 20 countries in Europe and look forward to announcing further transactions in the near future.”

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
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About Bayerische Versorgungskammer

Bayerische Versorgungskammer is the competence and service centre for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. It is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2 million insured persons in total, with contributions of €4 billion and €2.9 billion pension payments annually. It currently has €62 billion assets under management and 1,200 employees.
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About Hermes Investment Management

Hermes is focused on delivering superior, sustainable, risk adjusted returns for our clients. Hermes manages assets on behalf of more than 280 clients across equities, fixed income, alternatives and real estate, with £24.1 billion assets under management. In Hermes EOS, we have the industry’s leading engagement resource, advising on more than £169.8 billion of assets.
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