AEW’s Europe City Retail Fund has agreed its first deal in the Netherlands with the acquisition of the 54 Lijnbaan prime retail asset in Rotterdam for an undisclosed sum.

AEW said the asset comprises 1,975sqm of retail space spread over three floors with two large frontages and is let to the fashion retailer, Pull and Bear.

Frédérique Weber, country manager for The Netherlands at AEW, said: “This is an excellent opportunity to acquire a prime retail asset in a strong location, which is generating sustainable income underpinned by a strong covenant.

“The acquisition is strongly aligned to the fund’s strategy and demonstrates our ability to leverage our local expertise to source attractive investment opportunities.”

Last month, the Europe city retail fund made its first acquisition in the UK as it bought the former Scottish Stock Exchange building in Glasgow for £33m (€37m).

Christina Ofschonka, fund manager for Europe City Retail at AEW, said: “After recently completing the fund’s first acquisition in the UK, I am pleased that this has been closely followed by the Fund’s entry into the Dutch market.

“This acquisition adds another high-quality asset to the fund’s portfolio as we continue to deploy capital into a strong pipeline of selected opportunities across Europe’s largest metropolitan areas.”

The latest acquisition brings the Europe City Retail fund’s portfolio to 22 assets across ten cities, including Copenhagen, Dublin, Glasgow, Madrid, Milan and Paris, with a total value of over €630m.