Frasers Property Ltd. completed the acquisition of 100% of the shares in Alpha Industrial GmbH & Co. KG and 11 of its properties in the first phase of the 22-strong portfolio acquisition.

Frasers Property also fully acquired 100% of the shares in Alpha Industrial Management GmbH and Maschinen. The 22-asset acquisition deal was signed in February.

Further, Frasers Property said that Alpha Industrial and the recently acquired Geneba Properties will both be operated as a combined entity named Frasers Property Europe, which presently has more than €1.5 billion in assets under management.

The new business is headquartered in Amsterdam and has offices in Cologne and Munich. Frasers Property Europe will mainly operate in Germany and the Netherlands, but will also consider opportunities in other continental European markets.