Celebrity backed property fund manager Active Asset Investment Management has completed the €400m (£270m) purchase of Budapest’s largest shopping centre.

As revealed by Property Week last month, AAIM has bought the 710,000 sq ft Arena Plaza shopping centre in the Jozsefvaros district of the city from Israeli shopping centre developer Plaza Centres.

The deal was announced by the vendor this morning.It follows closely the news that aAIM is poised to buy a €700m (£471m), 51-strong retail portfolio in Germany from London-based investment manager Curzon Global Partners (PW 03.08.07 PG1).

In September 2006, AAIM launched a £2bn investment programme for its European Symmetry Fund in partnership with Bank of Scotland.