LaSalle Investment Management has made its first acquisition in Germany on behalf of French public service pension scheme ERAFP after it was awarded an 10-year European mandate to invest in core and core-plus assets.
LaSalle Investment Management has bought an office building and car park in Munich on behalf of French public service pension scheme ERAFP.
The acquisition is the first in Germany since LaSalle was awarded a 10-year European mandate to invest in core and core-plus assets.
The price of the asset, in Munich's Neuhausen district, was not disclosed, but LaSalle said it was 'in the two-digit million euro range'.
The office building on Landshuter Allee was constructed in 2001 and has around 12,500 m2 of lettable floor space. It is almost fully let to tenants from a range of industries. The car park is within walking distance and has 400 parking spaces.
LaSalle was advised by WTS, Taylor Wessing and REAG, while the vendor was advised by Colliers München.
Beverley Shadbolt, fund manager with LaSalle Investment Management, 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.'
Last December LaSalle purchased a 3,500 m2 purpose-built student accommodation building in Kingston-upon-Thames, UK, from a private vendor. The fund's first investment in May 2015 was a freehold retail asset on New Street and Temple Street in Birmingham.
