LaSalle Investment Management has bought a 230-unit residential development in Berlin on behalf of its open-ended pan-European real estate fund.

The manager has invested an undisclosed amount to buy the Lacus Quartier development from Buwog for the LaSalle E-REGI fund.

The development, which will be completed this month, is located in the Weißensee district in Berlin-Pankow.

Uwe Rempis, managing director and fund manager for the LaSalle E-REGI fund, said: “This acquisition is in line with the fund strategy to diversify its sector allocation by focusing on residential, thus generating a long-term stable income stream for the fund.

“The fund is prioritising investments in the strongest cities across Europe and this newly developed asset in Berlin is the perfect foundation to grow its residential exposure.”

Andreas Wesner, the head of investment Germany, said: “We are very pleased to have been able to implement the fund’s strategy to increase the residential allocation in the portfolio last year.

“Residential will remain an important part of our investment strategy in 2021 and following the acquisition of Lindenstrasse in Berlin in September 2020, we have now been able to further strengthen our residential track record with the Lacus Quartier.”

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