Bayerische Architektenversorgung architects' pension scheme has acquired the Dieterich Karree residential/retail complex in Düsseldorf's Pempelfort district for around EUR70million.
The scheme is one of 12 pension schemes operated by Bayerische Versorgungskammer, Germany's largest public pension fund.
The vendor is the CCP III DK Germany Holding fund, which is advised by property management company Tristan Capital Partners.
A joint team from CMS Hasche Sigle (Germany) and CMS deBacker (Luxembourg) headed by lead partner Sebastian Orthmann advised Bayerische Architektenversorgung on all legal aspects of the acquisition.
The Dieterich Karee complex has 18,300 square metres of residential space and 11,300 square metres of retail space, as well as a 660-space underground car park. The building is 95 per cent occupied. It was originally owned by real estate investor Ignatz Bubis before passing to the lenders on the complex after his death in 1999. Tristan subsequently acquired the property through a foreclosure process.