Real estate firm Hines has bought a retail block on Glasgow’s prime shopping street from Hermes Investment Management for an undisclosed sum.
The acquisition of 229-249 Buchanan Street was made for an institutional real estate fund on behalf of German pension group Bayerische Versorgungskammer.
The deal is part of a €1.3bn investment mandate from BVK targeting retail assets across Europe and represents the first UK acquisition for the retail account.
The asset, which is 35% vacant, is located opposite the Buchanan Galleries shopping centre and adjacent to Buchanan Quarter.
Acquisitions of prime high street retail assets were previously made in Oslo and Milan totalling over €100m.
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.”
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