Property company Hines has acquired a large mixed-use asset in Cologne, Germany, on behalf of the Hines European Core Fund (HECF).
The 25,173 sq m Friesen Quartier, which comprises six properties, has been bought from a joint venture between Proximus Real Estate and Quantum Immobilien. The price has not been disclosed.
The Friesen Quartier includes 12,000 sq m of offices, 7,000 sq m of residential and 2,000 sq m of leisure and retail. As well as parking facilities it also has two daycare centres and outdoor areas.
HECF has committed €1.1 billion in the last 15 months, including a 30,000 sq m portfolio of eight prime sites in France where a series of rental residential schemes is planned, and a 60,750 sq m urban logistics facility in Copenhagen.
“We see a great opportunity for diversified real estate funds that are able to take advantage of opportunities in different countries and sectors,” Simone Pozzato, managing director and newly appointed HECF Fund Manager said. “As such, we have a very strong pipeline of deals in progress with many in exclusivity and we remain committed to the ESG industry benchmarks we have set while delivering best-in-class returns. Our aim is to maintain, and build on, these standards which investors are now, rightly, demanding.”