Global real estate investment manager LaSalle Investment Management has acquired Westend Yards in Munich from PGIM Real Estate on behalf of its pan-European core Encore+ fund for €134 mln.
The six-storey office building, with a net lettable area of over 31,000 m2, is situated on Hansastrasse in Munich’s Westend district. The property is currently fully let to multiple tenants, including the Fraunhofer Institute, Europe’s largest organisation for applied research and development services
In the long term, LaSalle said it would explore options for refurbishing or redeveloping the asset to increase the total rental area and upgrade amenities.
David Ironside, fund Mmanager of Encore+, LaSalle Investment Management, said: 'This is another important acquisition for Encore+ that extends our strategy of increasing the fund’s exposure to the German office market, which we regard as one of the most attractive in Europe in terms of the supply-demand dynamics.'
The deal follows the fund’s acquisition of the ElseBella portfolio of two office properties in Munich for €169 mln in December 2018.
LaSalle said that the acquisition depends upon receiving clearance from the German Federal Cartel Office.
Advisors to LaSalle included Hogan Lovells (legal & tax), Drees und Sommer, BrandBerger (technical & environmental), Colliers International (valuation), Howden (W&I insurer) and JLL (buy-side advice & property management).