Corestate: BVK high-street fund grows to €800mn after acquisitions
Corestate acquired seven additional commercial properties worth around €100mn for the high-street fund of the Bavarian pension fund BVK in 2018. The properties, acquired by various sellers, include the Combi supermarket in Schwanewede near Bremen (Am Markt 6), an office and commercial building with tenants including the drugstore dm in Moers (Steinstraße 43), a retail building in Bremen (Hutfilterstraße 12-14), a C&A building in Hameln (Bäckerstraße 24) and three buildings with tenants that include H&M and Müller. The fund concentrates on retail properties at absolute premium locations in smaller cities. Further acquisitions will be made in 2019 and 2020. The new additions bring the fund’s number of properties to 97, with a value of around €800mn. The other 90 properties had been added to the fund in 2017.
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