German fund management group Deka Immobilien has acquired the third and final section of a major retail outlet in the German city of Neu-Isenburg.

Deka has picked up the west section of the Isenburg-Zentrum complex on behalf of its German open-ended property, Deka-ImmobilienEuropa. The acquisition and subsequent redesign and refurbishment of the west section of the mall will cost Deka some EUR 30 mln.

Deka purchased the first two sections in 1989 and this week's acquisition gives the fund total ownership of the mall.

The entire Isenburg-Zentrum complex comprises140 shops spreading across a sales area of 44,000 m2. Major tenants in the fully-let mall include H&M and Zara.

Deka Immobilien forms part of the DekaBank group which is the largest provider of open-ended property funds in Germany with around EUR 22 bn of assets under management.