RREEF, the asset management division of Deutsche Bank, has purchased a retail property in Osaka, Japan, for about €170 million.
In an announcement on the deal, RREEF said it had purchased the asset, situated on Shinsaibashisuji, a shopping arcade in the district of Shinsaibashi, Osaka, on behalf of its open-ended Grunbesitz fund.
The 4,000 square metre building was completed by AIG-owned developer Socrates TMK in August this year. It is leased to UNIQLO, the clothing retail business.
The fund currently owns 51 properties around the world valued at a combined €2.84 billion. The vehicle’s exposure to Asia currently stands at 24 percent following the acquisition.