LaSalle launched German club deal to acquire Prime-Core asset in Bonn, Germany
MUNICH (January 29, 2018) — LaSalle has acquired Friedensplatz 1, a prime core building in the centre of Bonn. The asset has been acquired by LaSalle on behalf of a club of German institutional investors and has been structured as a closed-ended special fund under the LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH.
The building is almost new and has a leasable space of c.16,000m². It is located in the city’s strongest retail areas with an excellent infrastructure. The mix of retail and office space is of a very high quality. The building is fully leased to high-covenant tenants with a WALT (Weighted Average Lease Term) of more than 15 years and offering stable cash flow with an attractive yield.
Andreas Wesner, Head of Acquisitions Germany at LaSalle Investment Management, said: “I am very pleased that we could secure the deal for our clients in a competitive process. We have acquired a high quality property with excellent fit-out standards in a prime location in the heart of Bonn. The deal provides stable and long-term secured cash-flow and low re-letting risk due to a 25 years lease with the main-tenant, the local saving bank.”
Rene Hoepfner, Head of Client Capital Group for Germany, Switzerland and Austria at LaSalle Investment Management, added: ‘The club deal was structured for new clients of LaSalle, German Public Pension Funds and German Foundations. The investment meets our client’s investment objectives and provides attractive risk-adjusted return for a long-term. Club deals are the right fit for long-term investments and we expect to do further similar transactions in the future.”
LaSalle was advised by BNP (broker) and MayerBrown (real estate & tax) and GSK (structuring of closed ended fund).
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 $60.5 billion as of Q3 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.
This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.