LaSalle Investment Management has acquired a mixed-use property in Germany from La Francaise Group for €73m.
The global real estate investment manager said it bought Salamanderhaus, which is made up office and retail space, in Stuttgart.
Salamanderhaus is fully-let to a diverse tenant base.
The asset was bought on behalf of the Testina investment foundation, and is the segregated mandate’s second investment in Germany, following the purchase of an office building in Frankfurt at the end of last year.
Testina, which was founded in 2005 by two large Swiss pension funds, is an investment foundation for international real estate investments. The mandate is managed by LaSalle and targets continental European real estate.
Mathias Malzbender, a fund manager at LaSalle Investment Management, said: “I am delighted with this purchase for LaSalle’s Testina mandate, following the purchase of an office asset last year.
“The strategy of the fund is to invest in core office and retail properties, in the main Eurozone countries, and this acquisition is in line with all of the fund’s investment guidelines and requirements, exceeding its target returns.”