LaSalle Investment Management has acquired three DIY stores in northern Germany from retailer Max Bahr. The properties, each providing approximately 10,000 m2, were acquired for the LaSalle German Retail Venture in a sale and leaseback transaction. The purchase price was between EUR 30 mln and EUR 35 mln.
LaSalle Investment Management has acquired three DIY stores in northern Germany from retailer Max Bahr. The properties, each providing approximately 10,000 m2, were acquired for the LaSalle German Retail Venture in a sale and leaseback transaction. The purchase price was between EUR 30 mln and EUR 35 mln.
The LaSalle German Retail Venture was established in December 2005 as a joint venture between LaSalle and the British Columbia Investment Management Corporation to pursue ‘high yielding retail investments’ across Germany. The venture set itself the target of investing EUR 600 mln in the German retail sector, with Barclays Capital, the investment banking division of Barclays Bank, providing debt for the transactions.