Redevco Sells Metropolitan Building in Düsseldorf to Hines’… - Hines

Redevco Sells Metropolitan Building in Düsseldorf to Hines’ Pan-European Core Fund

As part ofits portfolio restructuring programme Redevco Services Deutschland GmbH hassold the Metropolitan office building in Düsseldorf to Hines’ Pan-European CoreFund (HECF), a vehicle owned by international real estate investor anddeveloper Hines.

The building, developed by Redevco and completed in 2003, is located at Bleichstraße 14, directly adjacent to the Düsseldorf Schauspielhaus theatre and very close to the Schadowstraße shopping street. The 7,000 m² leasable area is spread over seven storeys. The office building is fully let under long-term leases, one of the tenants being Redevco itself. The parties have agreed not to disclose details of the selling price. Colliers Trombello Kölbel and Hogan Lovells advised Redevco in the sale. Hines Immobilien GmbH handled the sale on behalf of HECF, and will also be responsible for managing the property.

The acquisition of this high-quality and well-let property sees Hines’ return to the Düsseldorf real estate market for the first time since it completed and sold Benrather Karree in 2003. “We are delighted to be able to further diversify the HECF portfolio by adding an office property in Düssel­dorf, especially as the Metropolitan will give us a presence again in the market. Düssel­dorf will play an important role in Hines’ expansion strategy going forward. We will be looking for both well-let properties and opportunities for project development,” says Christoph Reschke, managing director of Hines Deutschland.

The disposal reflects Redevco’s strategy for the coming years to further upgrade the portfolio and add continually to its value. The focus of this strategy, given special emphasis since 2010, will be exclusively on the segment Redevco has traditionally built up its greatest expertise in – retail. The company will optimise the value and quality of its portfolio by buying or developing downtown retail properties in prime locations in major cities, and investing in market-dominant shopping centres. Redevco plans to sell its sub-portfolios in office and logistics properties over the next three to five years.

About Redevco:

Redevco is an independent international real estate company, managing and developing one of the largest retail portfolios in Europe, currently valued at € 7.5 billion. The portfolio comprises over 700 properties in top locations throughout 16 countries. The company also operates in Asia, where we are building a retail portfolio in the larger metropolitan areas of China. Redevco is owned by Cofra Holding AG, a Swiss-based holding company.

ABOUT HINES:

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.

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