Rutley Capital Partners has bought €163m (£110m) of property in Germany, the Netherlands and France for its European property fund

Rutley, the private equity arm of Knight Frank, has bought a portfolio comprising 19 assets, 60% of which are offices and 15% retail. Two-thirds of the portfolio is in Germany, 25% is in France and 9% is in the Netherlands. The sale reflects a gross initial yield of 6.79%.

Rutley said today that the portfolio, which comprises 849,258 sq ft, provided exposure to large cities such as Munich, Amsterdam, the Hague and Paris.

The properties are 88% multi-let to companies such as Elvia insurance and AG, and public bodies such as the German Federal Property Agency. The average unexpired lease term is four years.

This purchase follows the acquisition of a €111m (£75m) Swedish portfolio this month.