Citi Property Investors and Israeli company Gazit-Globe has completed its joint €800m (£630m) investment into Austrian property company Meinl European Land.

The completion, announced this morning, comes two weeks after the deal was approved at an extraordinary general meeting.

The deal sees Meinl change name to Atrium European Real Estate. The company owns 162 properties, in central and eastern Europe, with a value of €1.9bn (€1.5bn). In addition, the company owns 34 developments with a completed value of €3.3bn (£2.6bn).

The investment by Citi and Gazit brings with it a new board. The board will include chairman Chaim Katzman and chief executive officer Rachel Lavine.

Katzman said: ‘We have identified the Central & Eastern European region as an area where we believe there is a significant opportunity to create value by applying our in-depth knowledge of the development and operation of shopping centres.’

‘Our focus now is on working with the existing high quality staff at Atrium and our partners at CPI to improve and develop these assets, in order to position Atrium as Europe’s leading owner, developer and operator of shopping centres.’