LaSalle acquires office and car park in Munich
LONDON (April 13, 2016) – LaSalle has made its first acquisition in Germany on behalf of French public service additional pension scheme ERAFP after it was awarded an extensive ten-year European mandate to invest in core and core-plus assets.
LaSalle has purchased a portfolio consisting of an office building and a car park located in the city district of Neuhausen in Munich, Germany, for a figure in the two-digit million Euro range. As part of the selection process for ERAFP, assets with a potential upside in terms of sustainability are of particular importance and this asset complies with this criteria.
The office building was constructed in 2001 and comprises around 12.500 m² of state-of- the-art lettable floor space. It is almost fully let to variety of tenants from diverse range of industries. Located in Landshuter Allee, the highly visible asset has excellent transport connections and is within close proximity of the established office market of Arnulfpark. The car park is within walking distance of the office building and provides 400 car parking spaces.
Beverley Shadbolt, Fund Manager, 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, which are all important factors when identifying high quality core assets across Europe for ERAFP’s growing portfolio.”
The deal follows news in December 2015 that LaSalle had purchased a 37,303 square feet purpose-built student accommodation 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, United Kingdom.
LaSalle was advised by WTS, Taylor Wessing and REAG; the vendor was advised by Colliers München.