PARIS—Continuing a buying program it's conducting on behalf of pension fund Bayerische Versorgungskammer, Hines has completed the acquisition of Marché Saint Germain here in partnership with German investment company Universal-Investment. The sale price was not disclosed; Real Capital Analytics reports it at $142.5 million, or $2,877 per square foot.

Built in 1995 to resemble the historic market halls previously on the site—including one built in Napoleonic times—Marché Saint‐Germain measures 49,536 square feet on three floors. Seller Banimmo, a Belgian REIT, paid $43.9 million for the property in 2009, according to RCA. Bannimo renovated the property earlier this year; it's 100% leased to six tenants including Apple's new concept store, Marks & Spencer, Nespresso and Uniqlo.

Hines and Universal-Investment have now completed five acquisitions of behalf of BVK, which appointed them in late 2015 to execute a €1.3-billion investment program targeting prime high-street retail property across Europe. The joint venture previously acquired two assets in Milan and one each in Oslo and Glasgow on behalf of BVK.

Separately from the JV, Hines completed the $104-million acquisition of Royal Exchange in Manchester, England on the pension fund's behalf earlier this month, according to published reports. Starwood Capital Group and Trinity Investment Management acquired the 167-year-old property in the spring of 2014.

For the Hines/Universal-Investment JV, “The Marché Saint Germain is the perfect kind of property we were looking for, as much for the revitalization of the site as for the big name brands that will be housed there and make it a big success,” says Xavier Musseau, Hines managing director. He adds that the acquisition represents “a first step in Hines France's commitment to building a diversified and emblematic property portfolio.”

Regarding BVK's choice of property sector, Alexander Tannenbaum, managing director of Universal-Investment, points out that “German institutional investors favor retail properties in their increasing real asset portfolios, as they deliver steady returns and provide good diversification.”

PARIS—Continuing a buying program it's conducting on behalf of pension fund Bayerische Versorgungskammer, Hines has completed the acquisition of Marché Saint Germain here in partnership with German investment company Universal-Investment. The sale price was not disclosed; Real Capital Analytics reports it at $142.5 million, or $2,877 per square foot.

Built in 1995 to resemble the historic market halls previously on the site—including one built in Napoleonic times—Marché Saint‐Germain measures 49,536 square feet on three floors. Seller Banimmo, a Belgian REIT, paid $43.9 million for the property in 2009, according to RCA. Bannimo renovated the property earlier this year; it's 100% leased to six tenants including Apple's new concept store, Marks & Spencer, Nespresso and Uniqlo.

Hines and Universal-Investment have now completed five acquisitions of behalf of BVK, which appointed them in late 2015 to execute a €1.3-billion investment program targeting prime high-street retail property across Europe. The joint venture previously acquired two assets in Milan and one each in Oslo and Glasgow on behalf of BVK.

Separately from the JV, Hines completed the $104-million acquisition of Royal Exchange in Manchester, England on the pension fund's behalf earlier this month, according to published reports. Starwood Capital Group and Trinity Investment Management acquired the 167-year-old property in the spring of 2014.

For the Hines/Universal-Investment JV, “The Marché Saint Germain is the perfect kind of property we were looking for, as much for the revitalization of the site as for the big name brands that will be housed there and make it a big success,” says Xavier Musseau, Hines managing director. He adds that the acquisition represents “a first step in Hines France's commitment to building a diversified and emblematic property portfolio.”

Regarding BVK's choice of property sector, Alexander Tannenbaum, managing director of Universal-Investment, points out that “German institutional investors favor retail properties in their increasing real asset portfolios, as they deliver steady returns and provide good diversification.”