Scottish Widows Investment Partnership (SWIP) has bought two office properties in Germany and the Netherlands for €60m (£48m).
The asset management arm of Lloyds TSB said the first property, called Red Square, is a newly-built office development in Neulsenburg close to Frankfurt airport.
The property was bought for €45.3m (£36m) and covers 207,000 sq ft in three buildings.
The second property, Bam Huis, in The Hague is a 67,000 sq ft Grade A office building purchased for €16.2m (£13m) and is fully let to Royal BAM Group.
SWIP head of international property Robert Matthews said: “The two purchases are a valuable addition to SWIP’s European property portfolio.
“Our decision to increase our weighting towards office property in Germany and The Netherlands reflects our view that these will be among the strongest office markets in Western Europe over the next five years.”
