Union Investment, acting on behalf of one of its funds, is investing €27m to buy a retail park in Germany from Stenprop.

Stenprop, which plans to become a specialised UK multi-let industrial (MLI) property company, said it has agreed to sell its interest in the Neucölln Carrée retail park in Berlin to the Hamburg-based real estate investment manager.

The 13,364sqm 14-unit retail park is anchored by an Edeka supermarket.

Stenprop said, on completion of the disposal, assuming no further purchases of MLI estates, the MLI percentage of the portfolio will rise from 58% to 60%.

Stenprop plans to use the net proceeds from the disposal to fund further acquisitions in the MLI sector.

Paul Arenson, CEO of Stenprop, said: “The sale of this asset at an attractive premium to valuation is a great result for the business and enables us to continue to deliver our strategy and focus on becoming the leading multi-let industrial business in the UK.

”We continue to make good progress with the sale of our other German retail assets and expect to be in a position to report on further progress soon.”

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