Patrizia Immobilien had entered the UK market with the acquisition of 49-63 King Street in Hammersmith, London from Alanis Capital.
This latest €24.6m (£22m) acquisition, sees the German fund manger buy 5,800 sq m of lettable space over basement ground and two upper floors.
The property is fully occupied by two tenants, TK Maxx and Poundland, which have a remaining average lease term of 13.6 years.
Andrew Brooksbank, investment director at Patrizia UK, commented: “This asset offers our clients a stable, long-term income stream and complements the existing portfolio, being in a prime location and offering strong potential for both capital and rental growth.”
The German fund manager has expanded rapidly in the past 12 months, growing its assets under management with the acquisitions of TRIUVA and Rockspring.
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
