Patrizia Immobilien has acquired a retail property in London for one of its pan-European retail-focused funds.

The manager said it bought the property at 49-63 King Street in Hammersmith from Alanis Capital for €24.6m.

The property comprises 5,800sqm of lettable space, split between two fully occupied units over basement, ground and two upper floors.

The two tenants, TK Maxx and Poundland, have a remaining average lease term of 13.6 years.

This latest acquisition, the fund’s first in the UK, follows the fund’s strategy of investing in selected retail sectors, Patrizia said.

Andrew Brooksbank, an investment director at Patrizia UK, said: “This asset offers our clients a stable, long-term income stream and complements the existing portfolio, being in a prime location and offering strong potential for both capital and rental growth.”