{"id":1004144456,"date":"2016-05-20T00:58:24","date_gmt":"2016-05-20T08:58:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004144456"},"modified":"2020-05-12T23:26:31","modified_gmt":"2020-05-13T07:26:31","slug":"hines-teams-with-universal-investment-on-first-uk-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-teams-with-universal-investment-on-first-uk-acquisition\/","title":{"rendered":"Hines Teams with Universal-Investment on First UK Acquisition"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004144461\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004144461\" data-attachment-id=\"1004144461\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-teams-with-universal-investment-on-first-uk-acquisition\/glasgow\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg\" data-orig-size=\"1333,838\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ioana Neamt&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1463740165&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"glasgow\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg?w=1024\" class=\"wp-image-1004144461 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg\" alt=\"229-249 Buchanan St., Glasgow\" width=\"300\" height=\"189\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg 1333w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg?resize=300,189 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg?resize=768,483 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/glasgow.jpg?resize=1024,644 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004144461\" class=\"wp-caption-text\">229-249 Buchanan St., Glasgow<\/p><\/div>\n<p><strong>Glasgow, Scotland<\/strong>\u2014On behalf of an institutional real estate fund, <a href=\"https:\/\/www.universal-investment.com\/en\/magazine\" rel=\"nofollow\" target=\"_blank\">Universal-Investment<\/a> and <a href=\"https:\/\/www.hines.com\/\" rel=\"nofollow\" target=\"_blank\">Hines<\/a> have acquired a retail asset on Glasgow\u2019s prime shopping street from <a href=\"https:\/\/www.hermes-investment.com\/\" rel=\"nofollow\" target=\"_blank\">Hermes Investment Management<\/a>.<\/p>\n<p>The acquisition was administered and managed on behalf of <a href=\"https:\/\/www.versorgungskammer.de\/portal\/page\/portal\/wwwbvk\/de\/index.html\" rel=\"nofollow\" target=\"_blank\">Bayerische Versorgungskammer<\/a>, Germany\u2019s largest pension scheme group with approximately \u20ac62 billion assets under management. The deal is part of its \u20ac1.3 billion ($1.5 billion) investment mandate from BVK which is targeting prime high-street retail assets across Europe.<\/p>\n<p>\u201cThis represented a rare off-market opportunity to acquire a prime retail asset of scale in an excellent location in the city\u2019s retail core,\u201d Jake Walsh, Hines UK director, said in a prepared release. \u201cIt fully meets our criteria and offers an immediate value-add opportunity with the vacant unit.\u201d<\/p>\n<p>The property is located at 229-249 Buchanan St. in the heart of Glasgow\u2019s retail core, directly opposite the Buchanan Galleries premier shopping center and immediately adjacent to Buchanan Quarter.<\/p>\n<p>The building is currently 65 percent occupied by three leading fashion and sports brands, with one vacant unit.<\/p>\n<p>The property represents the first acquisition in the UK for the BVK European high-street retail account, which Hines was awarded in December 2015.<\/p>\n<p>\u201cWe 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,\u201d noted Lars Huber, Hines Europe co-CEO. \u201cWe 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.\u201d<\/p>\n<p>Hermes Investment Management will be redeploying the capital from the property sale into other opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The joint venture is moving forward with a $1.5 billion European shopping spree on behalf of Bayerische Versorgungskammer.<\/p>\n","protected":false},"author":451,"featured_media":1004144461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,16,21783,21742,21749],"tags":[],"class_list":["post-1004144456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-international","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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