AIM-listed German property company Develica Deutschland has bought a mixed-use portfolio in Germany for €270m (£182m).

The purchase takes the UK-based company’s property assets to more than €1bn (£674m).

The 2.36m sq ft portfolio includes 21 properties located around Germany. The deal reflects a net initial yield of 6.1%.

Develica fund manager Richard Thirkell said: ‘Through our extensive network we have further acquisitions under offer upon which we are conducting due diligence; we are confident this will take us to full investment over the weeks ahead.’