Hines and Universal-Investment have made the first UK property deal for Bayerische Versorgungskammer鈥檚 (BVK) European high-street strategy.
The 鈧�62bn German pension fund bought a retail asset in Scotland as part of a awarded earlier this year.
and Universal-Investment are targeting European prime high street retail assets for BVK.
Hermes Investment Management sold the building in central Glasgow at 229-249 Buchanan Street, 65% let to three fashion and sports brands, with one unit vacant.
High street retail assets worth more than 鈧�100m have also been bought in Oslo and .
Lars Huber, co-chief executive at Europe, said good progress was being made in building a portfolio for BVK.
鈥淲e are continuing to target other assets meeting this criteria across 20 countries in Europe and look forward to announcing further transactions in the near future,鈥� Huber said.
Chris Taylor, head of private markets at Hermes, said the sale came at 鈥渁n appropriate time鈥� in the market cycle for a value-add asset in that location.
鈥淲e will be redeploying the capital from selling the property into other opportunities,鈥� he said.
