M&G Real Estate has bought retail assets in Germany and Scotland.

The investment manager said it has paid €51.9m for a 23,000 sqm retail park in Dreieich, near Frankfurt.

TIAA Henderson Real Estate sold Dreieich Nordpark from its Herald Fund.

The asset was bought for M&G’s core European strategy and is anchored by a Real hypermarket and sports retailer Decathlon.

Fund manager Simon Ellis said with economic growth gaining momentum and the European Central Bank’s quantitative easing programme lending further support to real estate, the firm sees a “very positive environment for continued investment”.

”Balance this with the large weight of capital for prime assets and prices are likely to continue to strengthen, given the limited supply,” Ellis said. ”Investor appetite remains strong for core, well leased assets of this nature.”

In Scotland, M&G is understood to have paid £37.5m (€52.6m) for the Ayr Central asset, sold by a joint venture between Sovereign Land and funds managed by Ares Management. The town-centre asset was bought for the M&G Property Portfolio.

The 178,145 sqft shopping centre, which opened in 2006, is anchored by Debenhams and Primark.