A core European real estate investment fund managed by has sold a 7,000sqm office asset in Germany to R+V Versicherungsgruppe.
Hines Pan-European Core Fund (HECF) said it sold the fully-let Metropolitan building to the German insurer for an undisclosed sum.
Metropolitan, built in 2003, is located in the immediate neighbourhood of Dusseldorf Schauspielhaus on Gustav-Gr眉ndgens-Platz. is located in the immediate neighbourhood of Dusseldorf Schauspielhaus on Gustav-Gr眉ndgens-Platz.
The asset has been in HECF鈥檚 portfolio since 2011.
Peter Epping, HECF fund manager, said: 鈥淭he sale of Metropolitan is a successful example of our strategy to create long-term value through active asset management and selectively realise profits through timely disposals.
鈥淔ollowing the restructuring of the tenancy, it was the right time now to take advantage of the extraordinarily strong German investment market. We are delighted with the value growth and double-digit returns we have created for our investors with this property.鈥�
