Barings Real Estate Advisers has acquired a fully-let mixed-use property in Mannheim, Germany for €45m, as part of a core investment strategy in Europe.

The building has a total leasable area of 14,500sqm comprising around 9,000sqm of retail and dedicated storage and 5,500sqm of office space across seven floors, as well as two underground floors with 138 parking spaces.

Gunther Deutsch, head of transactions Europe at Barings Real Estate Advisers, said: “Mannheim is a market with favourable dynamics due to a lack of high quality office and retail space. This acquisition demonstrates our continued commitment to grow our investments in the German real estate market.”

In March this year, the real estate investment manager raised more than €500m for its pan-European core open-ended property fund.