LaSalle Investment Management has sold a German retail property asset it held in a joint venture with CPPIB to Deka Immobilien.

The investment manager sold the Huerth Park scheme for €213m.

A value-add fund managed by LaSalle bought the property in a joint venture with CPPIB – the Canada Pension Plan Investment Board – in late 2010, paying €157.3m.

CPPIB took an 80% stake in the centre, with LaSalle taking 20%.

The deal was CPPIB’s first direct deal in Germany.

The shopping centre, in the German city of Hürth 10 kilometres south of Cologne, had an annual rental income of around €12.5m five years ago.

The 60,000 sqm asset was refurbished by the joint venture. 

Anchor tenants include fashion retailer Peek & Cloppenburg, hypermarket Real and media store Saturn.

New owners Deka Immobilien will place the asset in one of its open-ended funds.

German shopping centre manager ECE runs the asset.