LaSalle Investment Management has made its first German real estate purchase for French public service pension fund ERAFP.
The investment manager has a 10-year European mandate to invest in core and core-plus assets for L’Etablissement de Retraite Additionnelle de La Fonction Publique (ERAFP).
An office asset in Landshuter Allee, in Munich’s Neuhausen district, has been bought in the “two-digit million euro range”, it said.
Beverley Shadbolt, fund manager at LaSalle, said: “Landshuter Allee 8-10 is ERAFP’s third investment to date and first in the key market of Germany.
“The Munich-based asset has strong fundamentals, diversified income and a potential for long-term improvement in performance and value, which are all important factors when identifying high-quality core assets across Europe for ERAFP’s growing portfolio.”
The 12,500sqm asset is almost fully let.
LaSalle bought a 37,303 sqft student housing asset in Kingston in the UK in December last year.
The fund’s first investment, in May 2015, was a freehold retail property in Birmingham.
French public sector pension fund ERAFP has also bought assets in Europe through AXA Investment Management’s Real Assets division.
The fund began increasing its allocation to real estate last year.
