Friday, 31 October 2014
LaSalle acquires the Denkraum office building in Munich for €29 million (DE)
LaSalle Investment Management, the leading global real estate investor, has acquired the Denkraum office building in Munich, Germany, on behalf of a separate client account for €29 million.
Located on the Georg-Muche-Straße in the district of Parkstadt Schwabing, the 10-storey Denkraum building was completed in 2009 and provides approx. 11,000 m² (118,403 ft²) of Grade A office space. It is currently achieving a capital value of around €2,600 per m².
Denkraum is 50% multi-let to institutional tenants including American outdoor clothing company DaKine; Lexmark, the American laser printer manufacturer and provider of enterprise services; and e-finance solutions company financial.com. LaSalle anticipates strong demand for the remaining space.
The acquisition of Denkraum comes shortly after LaSalle announced the purchase of Tour Blanche in Paris La Défense for approximately €161 million from a fund advised by Perella Weinberg Real Estate. The acquisition was one of LaSalle’s largest ever deals in continental Europe.
Ian Williamson, Head of Core Funds – Continental Europe, LaSalle, said:“Denkraum is located in a business district of Munich that is experiencing strong development and turning into a major location for corporate headquarters, attracting globally recognised occupiers including Microsoft, Amazon and MAN. There is strong demand for the limited amount of vacant space in Parkstadt Schwabing and we expect a high quality building like Denkraum to be fully-let in the short term, which will provide a long-term secured income stream. The acquisition of Denkraum reflects our strategy of acquiring Grade A office space in European markets where we anticipate there will be long term space requirements.”