Financial details were not disclosed.

Prelios Immobilien Management, a Hamburg-based retail real estate specialist, becomes Girlan Immobilien Management with immediate effect. Headquartered in the UK, Girlan is a private equity partnership owned by Swiss entrepreneur Paolo Francesco Calmetta.

Milan-based Prelios said it divested itself of all shares in the firm in order to focus more closely on its Italy business in future.

The German unit currently manages real estate assets on behalf of private and institutional owners worth some €2 bn, covering around 1 million m2 of lettable area across Germany.

According to Girlan, the Hamburg firm's day-to-day business involving its existing mandates and present spectrum of deliverables will continue as is. It lists as currently under management some eight shopping centres as well as 45 office schemes, commercial buildings and department stores, mixed-use properties and city districts. The firm facilitated more than €4.7 bn worth of transactions over the past ten years.

New owner Calmetta commented: 'Girlan Immobilien Management is a profitable, group-independent retail specialist which brings high-skilled teams, unique know-how, long-term experience, comprehensive market expertise and an impressive track record to the table.

'Structural change and excess floor area in the retail sector make market specialists more important than ever – we’re aware of significantly increased demand for management and consultancy among the owners and investors in this field.

With this in mind, we will keep pursuing our present approach and continue to expand the business units repositioning, transformation, asset management, property management and centre management. I look forward to our future collaboration and would like to take the opportunity to thank the entire staff for their support.'

Martin Mörl, former managing director of Prelios Immobilien Management and incoming managing director of Girlan Immobilien Management said: 'With our competent, specialised teams, we will continue our service business for retail and commercial real estate unchanged under a new name.

'The retail trade has been, and continues to be, a particularly challenging business, especially given the current parameters. In this environment, it is of the essence to take advantage of the ongoing crisis to exploit the accelerating structural change in the best interest of our clients.'