LaSalle Investment Management has sold a portfolio of three German retail parks to two pension funds.
LaSalle Investment Management has sold a portfolio of three German retail parks to two pension funds.
The investment volume was not disclosed.
The buyers were Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG and Höchster Pensionskasse VVaG. LaSalle was acting on behalf of its Income and Growth Fund (the LaSalle German Income and Growth Fund).
The properties, which are located in Berlin and the Bavarian cities of Eching and Oberau, have a total floor space of 9,000 m2 and are let to several retail chains including anchor tenants like Edeka and Rewe.
Colliers International in Munich acted as broker in the transaction.
The LaSalle Income and Growth Fund is a closed property fund with a total volume of around €1 bn investing in German commercial properties.
