CBRE Global Investors has acquired a shopping centre in Hamburg on behalf of a separate account for €44.4 mln.

CBRE Global Investors has acquired a shopping centre in Hamburg on behalf of a separate account for €44.4 mln.

The vendor was Verwaltung Norddeutsche Grundvermögen Bau- und Entwicklungsgesellschaft, which developed the centre.

The 13,260 m2 'Lurup Center' is located in the heart of the Lurup district of Hamburg and was built in two phases in 2011 and 2012. The centre is 98% let and anchored by supermarket Kaufland with a further 20 tenants, including Rossmann, Ernsting’s Family, Xenos and Reno. The property offers 428 car parking spaces.

Jeroen de Grunt, portfolio manager for separate accounts in Continental Europe at CBRE Global Investors, said the client for whom the mall was bought is in the process of repositioning its real estate portfolio and diversifying across Europe, with a strong focus on the German market.

'In February we acquired a logistics platform in Falkensee, and this acquisition of the Lurup Center is our second German acquisition in a short period of time. We also have a number of other German assets in the process of due diligence and we expect them to complete in the second and third quarter of this year.