Real estate investment manager Redevco has acquired a 409,028 sq ft mixed-use property in Düsseldorf for more than €100m (£87m).
The asset, which is known as Dieterich Karree, comprises 123,031 sq ft of ground-floor retail space and 280 residential units and was bought in an off-market transaction from Bayerische Versorgungskammer (BVK).
The acquisition is Redevco’s second transaction on behalf of its specialist strategy to deploy 500m into the residential sector in the Netherlands, Germany, Spain and the UK.
“Dieterich Karree is an excellent example of the type of property that plays to our skills and expertise while allowing us to grow our exposure to residential assets in attractive urban areas,” said Redevco chief executive Andrew Vaughan. “As an investor in retail and urban living, we can add value with our specialist knowhow and we look forward to continuing to deliver on our residential strategy.”
Colliers International and Barings Real Estate acted for BVK. Duff & Phelps acted as technical adviser for Redevco.