Investment Management has made its first German real estate purchase for French public service pension fund ERAFP.
The investment manager has a 10-year European mandate to invest in core and core-plus assets for LβEtablissement de Retraite Additionnelle de La Fonction Publique (ERAFP).
An office asset in Landshuter Allee, in Munichβs Neuhausen district, has been bought in the βtwo-digit million euro rangeβ, it said.
Beverley Shadbolt, fund manager at LaSalle, said: βLandshuter Allee 8-10 is ERAFPβs third investment to date and first in the key market of Germany.
βThe 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 ERAFPβs growing portfolio.β
The 12,500sqm asset is almost fully let.
LaSalle bought a 37,303 sqft student housing asset in Kingston in the UK in December last year.
The fundβs first investment, , was a freehold retail property in Birmingham.
French public sector pension fund ERAFP has in Europe through AXA Investment Managementβs Real Assets division.
The fund began increasing its allocation to real estate .
