Deutsche AM announced that is has acquired the Palace Exchange Shopping Centre, Enfield in Greater London, on behalf of its German fund, grundbesitz europa from Standard Life Investments.
Built in 2006, Palace Exchange provides over 1,4864m² of retail trading space.The scheme is the prime retail offer in Enfield and boasts 100% occupancy with anchor tenants of Next and TK Maxx. The scheme has a strong fashion bias and is home to predominantly national multiples including River Island, H&M, New Look, Top Shop, Superdrug, Caffe Nero, Lidl and Argos.
“We expect it to impact favorably on the Fund providing a well secured income stream as we increase UK exposure in line with strategy” said James Petit, Head of Real Estate, UK and Ireland for Deutsche Asset Management.
As of October 31, 2016 the real estate portfolio of grundbesitz europa consists of 57 assets with an aggregated market value of €5.3bn.
