In 2016, Hines and German investment company Universal-Investment acquired 229-249 Buchanan Street, a retail asset on Glasgow’s prime shopping street. The acquisition was made for an institutional real estate fund on the platform of Universal-Investment, administered and managed on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme group.
The property is located in the heart of Glasgow’s retail core directly opposite the city’s premier shopping centre Buchanan Galleries and immediately adjacent to Buchanan Quarter. The asset comprises ground floor retail, with an agreement for lease secured with a serviced apartments operator for a comprehensive reconfiguration of the upper floors.