Deutsche Asset & Wealth Management (DeAWM) has acquired an 18,300 m2 mixed-use property in the southern German city of Nuremberg.
Deutsche Asset & Wealth Management (DeAWM) has acquired an 18,300 m2 mixed-use property in the southern German city of Nuremberg.
The City Park Center on the corner of Zeltnerstraße and Sandstraße was bought from a family office in southern Germany. It was acquired for the open real estate fund grundbesitz Fokus Deutschland.
The tenants of the building comprise retail business, medical practices and health and educational institutions.
The grundbesitz Fokus Deutschland fund, launched in November 2014, is DeAWM’s first new open-ended fund for 14 years and follows the introduction of Germany’s new capital investment act (KAGB), which was set up to promote greater fund stability.
DeAWM, the asset management arm of Deutsche Bank, aims to build up a diversified property portfolio of up to €700 mln in first and second-tier cities.
Corpus Sireo Asset Management Commercial advised DeAWM on the transaction, while the vendor was advised by JLL.
