Captiva and Universal Investment have acquired the Lurup Center shopping centre in northern Germany from CBRE Investment Management for an undisclosed sum.

Announcing the deal, CBRE IM said it has sold the fully-leased neighbourhood shopping centre at Eckhoffplatz 1 in Hamburg on behalf of a separate account mandate.

The asset offers around 13,300sqm of rental space as well as 410 parking spaces.

Marius Schöner, country manager Germany at CBRE Investment Management, said: “The Lurup Center is one of our success stories within our retail portfolio. Providing local amenities, the neighbourhood centre performed very well during the pandemic.

“Through active asset management, we have extended several existing leases and closed new contracts over recent years and have successfully concluded the business plan for one of our separate account mandates.”

Torben Neumann, managing director at Captiva, said: “We are very pleased that we transacted the deal in these challenging times – proof that we are a reliable partner offering high transaction security, independent of market cycles. We would like to take this opportunity to thank CBRE Investment Management for the professional and always target-oriented cooperation.”

Captiva acted as an investment manager for a Universal Investment real estate fund.

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