LaSalle acquires Salamanderhaus in Stuttgart
MUNICH (March 05, 2018) — LaSalle has acquired Salamanderhaus, a mixed-use property (office and retail) in a prime location in Stuttgart. The asset was acquired for c.€73 million by LaSalle on behalf of the Testina investment foundation, and is the segregated mandate’s second investment in Germany, following the purchase of an office building in Frankfurt at the end of last year. The transaction is structured as a share deal where LaSalle has purchased 100% of the shares of the GmbH ownership.
The property is located on Königsstraße, at the crossing of Stuttgart’s prime mass market and luxury shopping streets. Salamanderhaus, which is fully-let to a diverse tenant base, is also in the city’s main office area and close to the major tourist attractions.
Stuttgart, the fourth largest metropolitan area in Germany, is the centre of one of the most economically powerful regions and innovative high-tech locations in Europe. According to Eurostat, the statistical centre of the European Union, 24% of people working in the region were employed in the high-tech industry – the highest rate in Europe.
Stuttgart consistently ranks highly on LaSalle’s European Regional Growth Index (E-REGI), with excellent future prospects on the back of a strong and diversified local economy, sound demographics and a highly-skilled and educated workforce.
Andreas Wesner, Head of Acquisitions for Germany at LaSalle Investment Management, added: “This is a great example of LaSalle’s ability to source assets in excellent locations across Germany. Stuttgart is the 4th largest metropolitan area in Germany and consistently ranks amongst the top 4 German cities with regards to all key retail indicators. Salamanderhaus is in one of the city’s best micro-locations for both retail and office in the city, with a highly long and visible shop-frontage as well as offering a flexible office environment. The property is also fully let to a diverse and solvent tenant base. I am confident that this will prove an excellent addition to Testina’s growing portfolio of assets.”
Mathias Malzbender, Fund Manager at LaSalle Investment Management, said: “I am delighted with this purchase for LaSalle’s Testina mandate, following the purchase of an office asset last year. The strategy of the fund is to invest in core office and retail properties, in the main Eurozone countries, and this acquisition is in line with all of the fund’s investment guidelines and requirements, exceeding its target returns.”
Testina, which was founded in 2005 by two large Swiss Pension Funds, is an investment foundation for international real estate investments. The mandate is managed by LaSalle and targets continental European real estate. Its strategy is to invest in core office and retail properties in vibrant and growing cities in the main Eurozone countries on a long term buy and manage basis.
LaSalle was advised legally by Greenberg Traurig Germany LLP and by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft in structuring and in tax. Colliers International Deutschland acted as the broker. The vendor is La Francaise Group.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $60 billion as of Q1 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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