The largest shopping centre in Lithuania has been sold to German open-ended fund manager Deka.

In a deal announced this morning, Lithuanian shopping centre developer and operator Akropolis sold its 640,000 sq ft shopping centre in Kaunas, to Deka’s WestInvest InterSelect fund.

The price paid was not disclosed but Deka is believed to have paid about €220m (£172m).

Kaunas is Lithuania’s second largest city with a population of about 350,000 inhabitants.

The shopping centre has 251 tenants including Mexx, Mango and Zara. It produces an annual income of €12.74m (£10m).

The investment is the second in Lithuania by Deka following its purchase of the BIG shopping centre in the capital of Vilnius in 2007.

Jones Lang LaSalle and Re&Solution advised Akropolis.