Commerz Real has bought a German shopping centre from JP Morgan Asset Management.

The fund manager said it bought Forum City, in Mülheim, for its hausInvest fund.

The 47,000sqm property had been owned by a special purpose vehicle managed by JP Morgan.

Katharina von Schacky, divisional head of shopping at Commerz Real, said: “Dominant shopping centres such as Forum City Mülheim – in central locations and with sustainable concepts – play an important role in portfolio diversification.”

The purchase means Commerz Real’s hausInvest fund now holds 13 shopping centres, accounting for around one-third of the vehicle’s €12bn portfolio.

Tenants of the centre include Aldi, H&M, C&A and TK Maxx.

The deal follows a recent acquisition by Union Investment of a German shopping centre from Credit Suisse’s CS Euroreal fund.

The Rathaus-Galerie in Leverkusen was bought by the German fund manager for its open-ended real estate fund UniImmo: Europa.