London and Zurich (February 5, 2024) – LaSalle Investment Management and Swiss Life Asset Managers complete a joint venture focusing on the German logistics market. The venture will recapitalise a €320 million seed portfolio of five grade-A fully let logistics assets contributed by Swiss Life Asset Managers and seek to acquire and develop additional logistics assets. Swiss Life Asset Managers will act as the asset and investor-developer manager and the insurance arm of Swiss Life will retain a minority equity stake in the aggregate portfolio.
The five seed assets, across the Rhein-Ruhr, Koblenz and Zwickau regions, have a total lettable area of 236,000m² with 100% CPI-indexed rents.
This investment presents LaSalle with an opportunity to partner with a best-in-class manager in a preferred sector, overseeing a portfolio of exceptional award-winning, state-of-the-art logistics assets in the robust German logistics market. The partnership is set to leverage Swiss Life Asset Managers’ fully integrated logistics platform and benefit from the sustained high demand for logistics assets in key trading and transport hubs across continental Europe.
Mathias Malzbender, Managing Director, LaSalle Global Solutions, commented: “This investment and partnership with Swiss Life Asset Managers, a leading institutional real estate developer and manager, provides us with an exceptional opportunity to expand in one of the most sought-after sectors in Europe. Swiss Life Asset Managers is a sophisticated and valued partner, and we look forward to building a successful relationship and continuing the success of this portfolio. Given that the German logistics market is among the top-performing in Europe, focusing and expanding in this region has long been a priority for us at LaSalle.”
Per Erikson, Head Real Estate at Swiss Life Asset Managers, added: “We are pleased to partner with LaSalle and create long-term value for our stakeholders. Our unique insights and access to the investment market as well as our development expertise have become a differentiating feature and a competitive advantage. I am particularly pleased that our European Logistics platform, headed by Ingo Steves, developed the exclusive seed portfolio for this venture. In LaSalle we have a like-minded and solid partner investing with us in the dynamic and promising European logistics market.”
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately US $89 billion of assets in private and public real estate property and debt investments as of Q3 2023. 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.
About Swiss Life Asset Managers
Swiss Life Asset Managers has more than 165 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg, the UK, Italy and the Nordic countries. As at June 30, 2023 assets under management for third-party clients amount to €114.8 billion. Together with insurance assets for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at €265.8 billion. Swiss Life Asset Managers is a leading real estate manager in Europe.1 Of the assets totalling €265.8 billion, €91.7 billion is invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling €21.6 billion in value. Total real estate assets under management and administration at the end of June 2023 thus came to €113.3 billion.
1 INREV Fund Manager Survey 2023 (AuM as of December 31, 2022)
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