Hines buys Düsseldorf Arcaden for Spezialfonds
Hines has acquired the “Düsseldorf Arcaden” shopping center from Ivanhoé Cambridge for an unidentified Spezialfonds seated in Germany. Hines acted as the fund’s acquisition manager and as its asset manager. According to TD’s information, Union Investment has stepped in as the fund’s service KVG. The seller was exclusively represented by CBRE and advised by Allen & Overy, PWC, and Valteq. On the buyer’s side, Berwin Leighton Paisner, EY, and ChandlerKBS were advisers. ING provided the financing. The Düsseldorf Arcaden built in 2008 for €260mn has over 38,000 sqm of retail space for 110 tenants, 829 parking spaces, and 2,200 sqm for 17 apartments. At the moment, remodeling is underway to create a food court on the top floor, which has suffered until now from a low level of visitors.
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