Patrizia Immobilien has bought a 6,800sqm shopping centre in the Netherlands for one of its real estate funds.

The €40bn real estate fund manager said it acquired the convenience-based shopping centre in the Schelfhorst district of the Dutch city of Almelo for its Handels Invest Europa I fund.

The asset was acquired from a joint venture of Dreef Beheer and Segesta Groep, Dutch real estate investors and developers for an undisclosed sum.

Patrizia said the acquisition increases the fund’s volume to around €230m

The 25-unit shopping centre is fully occupied.

Emile Poort, Patrizia’s head of transactions in Benelux, said: “This acquisition is a perfect fit to Patrizia’s retail strategy to acquire convenience-based shopping centres which cater for the daily needs of the surrounding area.

“The asset in Schelfhorst offers an attractive risk profile for our clients due to its historically low vacancy rates.”