DIC Asset has invested €220m in three retail properties in Germany.

Chief executive Aydin Karaduman said the assets were bought for a retail sector-focused fund it was looking to launch.

“At the moment, it is planned to set these properties aside for a retail fund we have yet to launch,” he said.

“We have already received encouraging feedback from potential investors.”

The properties are “superbly suited” for a retail investment fund with attractive dividend yields, he said.

One of the assets, in East Germany’s Halle an der Saale, was sold for €59.3m by a joint venture between Tristan Capital Partners’ core-plus fund, Curzon Capital Partners III and Cornerstone Real Estate Advisers.

The 30,700sqm Neustadt-Centrum, in addition to retail, includes offices, restaurants and a cinema.

Karol Bartos, executive director at Tristan Capital, said the company had spent the past three years improving the tenant mix of Halle-Neustadt.

DIC Asset also bought two other assets in and near Hamburg.

Karaduman said the properties had long-term leases and highly stable revenues.

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