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AEW Europe has announced that its pan-European value-added European Property Investors (EPI) Fund has sold a portfolio of 11 German high-street shops to a fund represented by AIK (APO Immobilien-Kapitalanlagegesellschaft) a pharmaceutical industry pension fund and an equity purchaser. The price came to just over EUR 58 mln for a gross initial yield of approximately 6.5%.

The deal was carried out via EPI's investment vehicle, EPI Walk Germany.

The 17,242 m² portfolio is located across Germany in Berlin, Bremen, Dortmund, Freiburg, Gera, Hagen, Halle, Ingolstadt, Nürnberg and Mannheim. Major tenants in the portfolio include Salamander, E-Plus, Depot (Gries Deco), Framode and Yves Rocher.

Merrick Marshall, head of Asset Management (UK) at AEW Europe said: 'This transaction represents the successful realisation of our asset strategy for this portfolio and demonstrates that there is still healthy demand for well-let retail property investments in prime locations throughout Germany.'

Ric Lewis, CEO of EPI Fund adviser, Tristan Capital Partners, said: 'We have afforded ourselves the time to sell well and we will continue to sell opportunistically. This sale is accretive to our fund's returns and exceeds our targets in our portfolio business plan.'

AEW Europe is one of Europe's leading European real estate investment managers with over 250 professionals operating from 11 offices in Barcelona, Bucharest, Budapest, Düsseldorf, London, Luxembourg, Milan, Paris, Prague, Stockholm, and Warsaw. AEW Europe together with its US and Singapore affiliates have approximately EUR 30 bn in gross assets under management.

Tristan Capital Partners is a London-based investment management boutique specialising in real estate investment strategies across the UK and continental Europe. Tristan is the sub-advisor/portfolio manager for the AEW Europe Funds European Property Investors and European Property Investors Special Opportunities.