Redevco is investing €160m in a German retail property portfolio, agreeing to buy two retail parks and a big box retail property in Hanover, Gründau-Lieblos and Berlin for clients.

The Krieger Bau Group is selling the 63,500sqm portfolio.

Andrew Vaughan, chief executive at Redevco, said: “The properties are excellently located and home to strongly performing retailers, which makes this a solid, long-term investment.

“At the same time, we see possibilities to enhance and add value through active asset management and letting optimisation. We will continue to look out for more of these types of retail properties.”

The A2 Centre in Hanover, a 35,000sqm retail park, is let to 32 tenants including C&A, Deichmann and Esprit.

The 21,000sqm Gründau-Lieblos park is fully let to five tenants, with Bauhaus and Media Markt as anchor tenants.

The 6,900sqm Berlin asset is anchored by Media Markt.