Berwin Leighton Paisner advises Hines on the acquisition of the Düsseldorf Arcaden
International law firm Berwin Leighton Paisner (BLP) advised Hines Immobilien GmbH (Hines) on the acquisition of the Düsseldorf Arcaden shopping centre in the heart of Düsseldorf’s largest district Bilk.
Hines acted as the acquisition manager on behalf of a special real estate investment fund managed by Union Investment and will take over as the asset manager of the shopping centre. The lead investor of the real estate investment fund is the Berlin health care professional pension scheme Berliner Ärzteversorgung along with four other pension funds.
The Düsseldorf Arcaden shopping centre, built in 2008, currently hosts approximately 110 tenants in about 38,000 m2 of retail space. The list of tenants includes several well-known retailers such as Media Markt, H&M, dm, C&A, Aldi and the fitness studio JustFit. Comprehensive renovation measures are currently being enacted to add a large food court. In addition to the building complex, the property includes 829 centrally located parking spaces as well as 2,200 m2 of residential space spread out over 17 apartment units.
The seller of the object was the Canadian investor Ivanhoé Cambridge.
The team at BLP was led by partner Hanns-William Mülsh (real estate and corporate) with the assistance of junior partner Tina Siebenhaar (real estate), counsel Philippe Kamarowsky (finance) and the associates Theresia Blath, Miriam Schollmeier and Jan Schlömer (all real estate).