LaSalle Investment Management has bought a Munich office building on behalf of one of its institutional German clients, it is understood.
The seven-storey Laim 290 property was acquired by a German-regulated fund (a Spezial-AIF) managed by LaSalle and was sold by Union Investment.
The Spezial-AIF, a new vehicle introduced by the German regulator BaFin as part of its implementation of the Alternative Investment Fund Managers Directive (AIFMD), is aimed at German institutional investors.
LaSalle was recently authorised by BaFin to act as an external AIF manager in Germany, and the company has a number mandates with German investors, including Bayerische Versorgungskammer (BVK) and Sächsische Ärzteversorgung (SAEV).
Torsten Bischoff, European director of acquisitions at LaSalle, said the deal would takes the German-regulated business to more than €1bn of assets under management.
He said the “aim in 2015 is to achieve further acquisitions worth up to €500m for our new investment management company”.
Liam 290, built in 2008 and located between the city centre and airport, was sold by Union’s Unilmmo: Deutschland open-ended fund.
Philip La Pierre, head of investment management Europe at Union Investment, said the sale reflected “our strategy of disposing of smaller properties” held by the fund.
Union also announced it had acquired a shopping centre in Poland from CBRE Global Investors.
The purchase of the Sarni Stok mall is the second foreign investment for Union Investment’s European retail property fund.
The 31,000sqm shopping centre is located in the Silesia region and was sold by the CBRE Property Fund Central Europe.