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| Hines acquires retail property in Berlin The European headquarters of Hines, the international real estate firm and investment manager, announced that its Hines Pan-European Core Fund (HECF) has acquired Schlossstrasse 20, a retail property with ancillary office space in Berlin, from the German developer Sedlmayr-Investa Immobilien GmbH. The corner building, located in the Berlin borough of Steglitz, was completed in 2010 and comprises 6,250 square metres (67,274 square feet) on six floors. The retail part of the property is 100 percent leased to SportScheck, a major German sporting goods retailer, and serves as their Berlin flagship store. Hines Immobilien GmbH, assisted in the acquisition process and will be responsible for asset management. Kemper's Jones Lang LaSalle Retail GmbH acted in an advisory capacity. HECF is a Euro-denominated, Luxembourg-regulated Fonds Commun de Placement (FCP), managed by Hines, with the goal to acquire a geographically diverse portfolio of core commercial buildings across Europe. Schlossstrasse 20 is the fund's fourth investment in Germany. In addition to the building in Berlin, HECF has previously acquired the buildings Domkaskaden (Hamburg), Marienstrasse 15 (Frankfurt) and Campus E, Uptown München (Munich). write your comments about the article :: © 2011 Construction News :: home page |