Deka Immobilien has bought a prime retail unit on Grafton Street in Dublin for its debut purchase for a specialist Irish fund.

The German fund manager has bought the store, which is let to Tommy Hilfiger on a long term lease from Marks & Spencer. The price was not disclosed. The property is 800sq m and was renovated in 2008 and is located in one of Europe’s most frequented pedestrian streets.

The sale is significant in that it is the first acquisition in the Irish market by an overseas fund manager in a market that has heretofore been dominated by local purchasers.

CB Richard Ellis acted as advisor.