Davy has acquired a major retail and office property in Hamburg on behalf of private clients for €141.3 million.
The Spitaler Hof property extends to 225,000 square feet and is located on Spitalerstrasse - one of Hamburg's busiest retail districts.
The property derives 65 per cent of its rental income from retail tenants, with the reminder from office tenants and car parking.
"Despite having a developed, modern and stable economy, Germany has suffered from weak consumer spending over the last decade, due to high unemployment and a high savings rate," said Davy's David Goddard.
"When the economic environment improves, the high street retailers in premium properties such as Spitaler Hof will be the major beneficiaries," he added.
