Real estate investment manager Patrizia Immobilien has acquired a German retail portfolio for €205m from Redefine International.

Patrizia said the 66 properties encompass 140,000sqm of lettable space and are mainly located in economically attractive and demographically stable regions.

The off-market acquisition was made on behalf of an individual mandate of a foreign institutional investor, Patrizia said.

The seller, Redefine, is a FTSE 250 listed UK real estate investment trust.

“This promising retail portfolio has been secured in our latest off-market transaction, delivering another tailored opportunity for our client base,” Daniel Herrmann, head of fund management retail at Patrizia said.

It is the second off-market retail acquisition announced by Patrizia in the past few weeks. At the end of September, the company announced the EUR400m purchase of an 85-property portfolio in Germany.

Patrizia said its retail assets under management now exceeds more than 600 properties with a value of over €4bn.