Degi, the German fund manager, has teamed up with Irish Life to buy a €357m (£247m) shopping centre development in Rome.

Degi has bought a 50.1% stake in the Laurentino shopping centre in Rome for its Degi Europe Retail fund, and Irish Life has bought a 49.9% stake for individual investors.

The purchase price will be paid to the vendor, Italian developer Parsitalia, after completion of the property in 2010, in accordance with the letting status. Degi, or Deutsche Gesellschaft für Immobilienfonds, and Irish Life will then own one of the largest modern shopping centres in Rome, at more than 500,000 sq ft.

Cushman & Wakefield advised Parsitalia and DEGI and Irish Life Assurance were advised by Savills Frankfurt.