Deutsche Asset Management (Deutsche AM) has acquired the Palace Exchange Shopping Centre, Enfield in Greater London, on behalf of its German fund, grundbesitz europa from Standard Life Investments.
'We are pleased to have secured a strong Greater London shopping centre. The investment has good property fundamentals and a high quality tenant mix,' said James Petit, head of real estate, UK and Ireland for Deutsche Asset Management. 'We expect it to impact favourably on the fund providing a well secured income stream as we increase UK exposure in line with strategy,' he added.
Built in 2006, Palace Exchange comprises three blocks of retail units providing over 160,000 ft2 of trading space, plus a multi-storey car park.
The scheme is the prime retail offer in Enfield and is 100% occupied with Next and TK Maxx as anchor tenants.
As of October 31, 2016, grundbesitz europa's portfolio consists of 57 assets with an aggregated market value of €5.3 bn.
Deutsche AM’s UK real estate business currently holds €5bn in assets under management as of June 30, 2016.
