Celebrity-backed Active Asset Investment Management (AAIM) has agreed to purchase a portfolio of German retail properties for EUR 700 mln, news agency Reuters reported, citing a source familiar with the process.

Celebrity-backed Active Asset Investment Management (AAIM) has agreed to purchase a portfolio of German retail properties for EUR 700 mln, news agency Reuters reported, citing a source familiar with the process.

The portfolio includes 34 home improvement stores and 17 department stores which are being sold by London-based Curzon Global Partners, a subsidiary of IXIS AEW Europe and part of the French Natixis group. The average yield on the deal is understood to be around 5.5%.