Deutsche Asset & Wealth Management has invested €290m in a Polish retail property.
The investment manager’s real estate arm bought the Stary Browar shopping centre in Poznan for its German grundbesitz europa fund.
The open-ended real estate fund, grundbesitz europa, which currently has a €4.8bn fund volume, holds 52 properties.
Seven of its assets are in Poland.
Marek Jakubiak, head of real estate in Central and Eastern Europe for Deutsche AWM, said: “All the elements were right here in Europe.
“The Stary Browar shopping centre offers a virtually unique combination of cultural and retailing experiences in a prize-winning, highly aesthetically pleasing environment.
“Poland remains one of the fastest-growing economies – the property, with its economic efficiencies, is an ideal complement to the fund portfolio.”
The inner-city shopping centre includes 47,000sqm of retail space, 4,750sqm of office space and 7,000sqm of event and warehousing space.
The largest tenant is fashion retailer H&M.
Deutsche AWM said it now has €1.3bn in Polish assets under management, including The Metropolitan and Rondo One in Warsaw.