LaSalle Investment Management has acquired the Atrium office asset in Munich for €100 mln on behalf of its joint venture with an unnamed African sovereign wealth fund, Andy Watson, LaSalle’s managing director for Continental Europe told PropertyEU at Expo Real on Tuesday.
LaSalle Investment Management has acquired the Atrium office asset in Munich for €100 mln on behalf of its joint venture with an unnamed African sovereign wealth fund, Andy Watson, LaSalle’s managing director for Continental Europe told PropertyEU at Expo Real on Tuesday.
Watson said the deal reflected a yield of 7% and that it demonstrated the importance of asset management. ‘This building needs a bit of capex and is the type of asset that you need to roll up your sleeves for.’
He added that the Munich transaction was the third on behalf of the joint venture vehicle which he described as ‘a genuinely global mandate’. Previously the vehicle acquired an office/retail asset on Fifth Avenue in New York and an office building on Saville Row in the Westend of London, he noted. ‘This asset is higher up the risk curve than the other two transactions.’
The fund vehicle is targeting core and core-plus investments globally and has earmarked around €1 bn including 50% leverage, Watson said. ‘We have another €500 mln to go.’
Watson declined to reveal the identity of the investor, but said it was a new entrant to the market. According to well-informed sources, the investor is a sovereign wealth fund from Angloa. Last summer, LaSalle Investment Management announced it had obtained a €500 mln global mandate from Germany's largest pension fund BVK.
