Irvine Sellar’s Sellar Property Group has completed a sale and leaseback purchase of a 13-strong German portfolio for €55.5m (£40m).

The properties, which total 700,000 sq ft over 40 acres of land in the Ruhr Valley were purchased from an undisclosed seller. They are let to Italian-based textile company Miro Radici Group on 12 year leases, generating an annual rent of €4m (£2.8m).

The purchase brings Seller’s investment in German investments to approximately €130m (£93.7m), taking it closer to its target of €250m (£180m) within the next 12 months.

Irvine Sellar, chairman of the Sellar Property Group, said: ‘We have focused on acquiring well located and well let property investments with tremendous medium term growth potential. This latest portfolio acquisition complements our existing holdings in Dusseldorf, Dortmund and Berlin extremely well.’