Hines has been selected to execute a €1.3bn (£970m) mandate to invest in high street retail on behalf Bayerische Versorgungskammer.
Germany’s largest pension group has awarded Hines the mandate to identify, acquire and manage core plus added-value assets, and retail assets ripe for redevelopment, in prime high street locations across 20 countries.
The first asset for the separate account was the purchase of a 55,000 sq ft building on Karl Johans gate, a premier high street location in Oslo.
Leading the acquisition, James Robson, managing director, Hines Europe, said: “Securing the first asset, particularly outside our established continental platform, is testimony to our market reach and the speed at which we operate.
“The building in Oslo is typical of the kind we are targeting: a well-located, retail-anchored asset offering both income and, importantly, the opportunity to use our real estate expertise to deliver enhanced capital value to the investor.”
