LaSalle Investment Management has acquired a recently refurbished office and commercial building in Hamburg on behalf of the French public service pension scheme ERAFP.
The 5,700 m2 property was sold by Norddeutsche Grundvermögen. About 75% of the space has been let to several tenants across various industries. The building affords a direct view, looking on to the River Elbe, the restored museum ship - Cap San Diego, and the port of Hamburg.
This is the second transaction by LaSalle IM on behalf of the recently awarded 10-year investment mandate from the pension fund. The aim is to invest in core and core+ assets.
Torsten Bischoff, head of acquisitions in Germany at LaSalle Investment Management, commented: 'This transaction is indicative of our strategy to invest in high-quality and sustainable properties with potential to develop. The Hamburg market is of particular importance for such investments; due to its dynamic market activities and strong fundamentals, it often provides attractive opportunities. Against this backdrop, we aim to increase our Hamburg stock considerably over the coming 18 to 24 months.'
LaSalle IM was advised by Jebens Mensching, WTS and Valteq. The seller was advised by CMS Hasche Sigle. IAM Immobilien Asset Management acted as a broker.
