Global real estate investment manager LaSalle Investment Management has acquired two office properties in Munich on behalf of the LaSalle Encore+ Pan European Fund from AXA Investment Managers for €169 mln.
The portfolio comprises two office assets in the Westend and Arabellapark districts of Munich.
Else (pictured) represents two office buildings with a combined rental area of over 25,000 m2 situated on Elsenheimerstrasse in Munich’s Westend district. Bella is a seven-storey office building with a lettable area of over 15,000 m2 located in the office submarket Arabellapark.
Both properties are let to multiple tenants and Else has potential for redevelopment, LaSalle said.
'This is an exciting acquisition for Encore+ that increases the fund’s exposure to the German office market whilst also meeting the fund’s criteria of investing in assets in attractive locations with fundamentals which we believe have the potential to underpin future rental growth,' said David Ironside, fund manager of Encore+.
'With Munich currently exhibiting some of the highest take-up and lowest vacancy rates in Germany, we expect these properties in two of the city’s most established office submarkets to deliver strong and stable returns for Encore+ investors in the long term,' Ironside added.
LaSalle worked on the transaction with Linklaters (legal/tax), Unicredit (lender), JLL (technical, Non rec’s & buy-side), Howden (W&I broker), Ambridge (W&I insurer), Oliv Architekten (architect) and CBRE (valuation).
AXA Investment Managers was advised by Colliers (broker), Möhrle Happ Luther (legal), BrandBerger (technical) and Sabine Houben (tax).
