German fund manager Deka Immobiliën has entered the Norwegian market with the acquisition of the first phase of a shopping centre outside Oslo for around €51 mln.

The vendor is Norwegian property developer Profier.

The Bekkestua Center is located around 12 km west of Oslo and is scheduled to be completed in November. The 12,400 m2 property is fully preleased with major tenants including food retailer Menys, restaurant chain Egon and fitness centre operator SATS.

The centre is to be expanded by around 4,000 m2 in a second phase which is due to be completed in 2016.

The property will be added to Deka’s WestInvest TargetSelect Shopping fund, which is aimed exclusively at institutional investors.