Spanish-based European real estate firm Neinver has bought Zweibrucken factory outlet scheme in Germany from Kenmore and Revcap.
Neinver bought the asset on behalf of its IRUS European Retail Property Fund and paid €112.5 m (£98.2m).
The centre totals 23,600 sq m (254,030 sq ft) and opened in 2001 and is Germany’s largest designer outlet centre. Tenants include Versace, Tommy Hillfiger, Polo Ralph Lauren, Nike and Burberry.
Kenmore, on behalf of its European fund, Trading Places, bought the completed first phase from Lehman Brothers in December 2005 and subsequently developed out phase two and three.
Manuel Lagares, CEO of Neinver, said: ‘This acquisition ends a year in which we have successfully added 95,000 sq m of assets in Italy, Spain and Poland to the fund’s portfolio.’