German fund manager Real I.S. has purchased the Dollart Center in the north-western German city of Emden for an undisclosed sum.

The vendor was a fund advised by Frankfurt-based Strategic Value. Real I.S is contributing the property to its BGV IV fund.

Opened in 2000, the scheme was modernised and expanded in 2008 and 2009 and currently provides 23,000 m2 of lettable area across 36 stores. It is fully leased on long-term rental agreements to a number of tenants including Bening, New Yorker and Aldi Nord.

Strategic Value Partners bought the scheme in 2007. The company is also the owner of the nearby Wasserturmcenter entertainment centre.

Jones Lang LaSalle advised the seller.