AEW Europe has bought a German retail portfolio from BMO Real Estate Partners.

The investment managers said it had bought 20 high street assets in German cities.

The assets, known as the Sidewalk portfolio, will be held by a Spezialfonds managed by HansaInvest Hanseatische Investment and set up for a north German pension fund in 2010.

AEW said the portfolio is in prime retail locations of large and medium-sized cities. The 60,000 sqm portfolio also includes retail parks in Bavaria and Baden-Wurttemberg.

Isabelle Rossignol, head of retail, said AEW Europe was looking to grow its existing €9bn retail portfolio and strengthen its position in the German market.

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