Europe

Deutsche buys Barcelona shopping centre

Deutsche Asset Management has bought the Diagonal Mar shopping centre in Barcelona for €493m (£341m).

It has bought the 968,751 sq ft centre through its Iberian real estate investment business in Madrid, led by Carlos Manzano.

Deutsche AM intends to invest more than €30m in several projects to enhance Diagonal Mar by creating a new area dedicated to fashion alongside a general internal and external refurbishment.

Following this acquisition, the Deutsche AM Iberian real estate investment business has transacted more than €950m in the last 12 months, increasing its portfolio of assets under management to around €1.3 billion. The Iberian portfolio currently has 17 real estate assets, including seven shopping centres, seven office buildings and three logistic assets.

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