Patrizia Immobilien has invested €200m in a German retail property portfolio.
The investment manager bought 10 assets for its Handels-Invest Deutschland fund from Hamburg-based Newport Holding.
It said the deal meant the fund was now fully invested.
The 110,000sqm portfolio, mainly in North Rhine-Westphalia, includes five dominant retail centres and three large consumer markets.
Daniel Hermann, head of retail fund management at Patrizia, said such portfolios came onto the market rarely.
Around 75% of the portfolio is leased to national retail chains.
The deal follows the purchase of two portfolios late last year.
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