Redevco has bought a Rotterdam retail property asset for €28.5m.
The investment manager bought the former Donner building in the centre of the Dutch city from Investore.
The 5,540sqm asset was bought for a client, Redevco said.
Redevco plans to re-develop the property, which it said provided good opportunities to add “significant value” through asset management.
Andrew Vaughan, chief executive at Redevco, said: “The size of the building suits the strong demand from fashion retailers looking for large-scale units in Rotterdam.
“Neighbouring retail properties are currently under development, and we strongly believe these works add to the overall attractiveness of the location.”
The unit is opposite H&M and Zara stores at 150 Lijnbaan.
Primark is due to open its largest store (17,000sqm) in Europe near the asset in 2018.
Rotterdam is the second-largest city in the Netherlands, with approximately 625,000 inhabitants.