Deutsche Asset Management has invested €493m in a Spanish retail property asset.

The company said its Madrid-based Iberian real estate investment business bought the Diagonal Mar shopping centre in Barcelona.

The 90,000sqm asset is let to tenants including Media Markt, Primark, H&M and the Inditex Group.

The company said, that since opening in 2001, the asset had maintained a solid performance and continuously increased sales and visitor figures.

Occupancy is 98%.

Around €30m will be spent on the asset’s refurbishment.

Northwood Investors sold the asset, having bought it in May 2014 from Avestus Capital Partners. 

The asset was once owned by Irish investor Derek Quinlan’s firm.