LaSalle Investment Management and Swiss Life Asset Managers have created a joint venture focusing on the German logistics market.
The venture will recapitalise a €320 mln seed portfolio of five grade-A fully-let logistics assets contributed by Swiss Life Asset Managers and seek to acquire and develop additional logistics assets.
Swiss Life Asset Managers will act as the asset and investor-developer manager and the insurance arm of Swiss Life will retain a minority equity stake in the aggregate portfolio.
The five seed assets, across the Rhein-Ruhr, Koblenz and Zwickau regions, have a total lettable area of 236,000 m2 with 100% CPI-indexed rents.
Mathias Malzbender, managing director, LaSalle Global Solutions, said: 'This investment and partnership with Swiss Life Asset Managers, a leading institutional real estate developer and manager, provides us with an exceptional opportunity to expand in one of the most sought-after sectors in Europe.
'Swiss Life Asset Managers is a sophisticated and valued partner, and we look forward to building a successful relationship and continuing the success of this portfolio.
'Given that the German logistics market is among the top-performing in Europe, focusing and expanding in this region has long been a priority for us at LaSalle.'
Per Erikson, head real estate at Swiss Life Asset Managers, added: 'We are pleased to partner with LaSalle and create long-term value for our stakeholders. Our unique insights and access to the investment market as well as our development expertise have become a differentiating feature and a competitive advantage.
'I am particularly pleased that our European Logistics platform, headed by Ingo Steves, developed the exclusive seed portfolio for this venture. In LaSalle we have a like-minded and solid partner investing with us in the dynamic and promising European logistics market.'
