London / Frankfurt am Main, July 13 2017
The acquisition has been made on account of the German pension group Bayerische Versorgungskammer’s (BVK) €1.3 billion investment mandate. Since being awarded the account in December 2015, Hines and Universal-Investment have invested ca. €900 million in prime high street retail assets in Oslo, Milan, Glasgow, Manchester, Madrid, Barcelona and Copenhagen, with this representing the second acquisition in Paris.
With a prestigious location in the 8th arrondissement of Paris, 28 Madeleine incorporates 1,452 m2 of open floor space, with a covered and paved inner courtyard. The property was the former home of the Pinacothèque art gallery, and underwent major renovation in 2006.
Xavier Musseau, Managing Director, Hines France, said: “With its fantastic location and expansive floorplates, 28 Madeleine represents an excellent investment, while providing us with scope to enhance the configuration of the floorplates to further improve the space for future tenants.
He continued: “The acquisition also underlines our growth ambitions in this market, demonstrating our capability in executing major off-market transactions. We look forward to continuing our expansion strategy in the category of prime retail assets”.
Lars Huber, CEO of Hines Europe, said: “This acquisition represents a strong fit for the BVK portfolio, where we continue to make great progress with strategic investments in prime locations on high streets in major markets across Europe. France remains an important and attractive market for Hines with potential for further growth.”
Alexander Tannenbaum, Managing Director of Universal-Investment, adds, “France is getting more interesting for German institutional investors again as the economy recovers. The purchase of 28 Madeleineis a good opportunity to further diversify BVK’s portfolio.”
Hines France was advised by the law firm of Lacourte Raquin Tatar; l’Etude Lasaygues & Partners, Notaries. The acquisition was financed by Deutsche Hypo.
Crédit Agricole Assurances was advised by Oudot & Partner
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 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. Visit www.hines.com for more information.
Since entering Europe in 1991, Hines has grown its European platform to include a presence in 35 cities in ten countries and Hines Europe currently has €13.4 billion* of assets under management in Denmark, France, Germany, Ireland, Italy, Norway, Spain and the United Kingdom.
*Estimated as of March 2017
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.2 million insured persons in total, with contributions of € 4.4 billion and € 3.2 billion pension payments annually. It currently has € 69 billion assets under management and more than 1,200 employees. Visit www.versorgungskammer.de for more information.