Rockspring Property Investment Managers has invested €117m in a German retail property.
The investment manager bought the asset for its TransEuropean Property Limited Partnership VI, which had a final close earlier this year of €430m.
The fund has invested in Geneva, London, Birmingham, Lisbon and Madrid, and across France.
Chenavari sold the Flora Park shopping centre, in Magdeburg, 150km west of Berlin, to Rockspring in an off-market transaction.
The centre is undergoing a €25m refurbishment, which Rockspring will complete next year.
Stuart Reid, Rockspring partner in charge of Germany, said: “Following detailed research into the former East Germany a number of years ago, we identified the cities most likely to benefit from socio-economic growth and the retail schemes with the most potential within these cities.”
Over the past five years, Reid said Rockspring had had the opportunity to acquire assets in “better-performing locations in cities that are now benefiting from this economic and population growth”.
The 66,500sqm asset, which includes 90 units, is anchored by a 12,000sqm Real hypermarket and a 16,000sqm roller-furniture store.
