LaSalle Investment Management has announced the completion of two deals in France for a total investment volume of more than €110 million on behalf of its LaSalle French Fund II. The company acquired the office building located 46 rue de la Boétie in Paris as well as 51 Auto Distribution car service centers across France.
LaSalle acquired the building on 46 rue de la Boétie from Pitch Promotion. The forward funded 2,300-m² office building is located in the heart of the Paris CBD and was purchased for €25.1 million. Delivery is anticipated in late 2008.
The purchaser was advised by Jones Lang LaSalle and Maître Adeline Moisy-Namand, and the vendor was advised by Maître Philippe Herbert. HRE are providing debt finance.
LaSalle French Fund II also just acquired 51 Auto Distribution car service centers from RREEF, in a second-hand sale-and-lease-back deal, for €85.3 million. The properties are located across France.
With its March Kwikfit/Speedy sale-and-lease-back transaction for 141 properties, LaSalle is the premier institutional investor in the French automotive sector, with approximately €150 million of assets and €10 million of income under management.
On the Auto Distribution deal, LaSalle was advised by Colliers, LeBoeuf, Lamb, Greene & MacRae LLP et Cheuvreux. The vendor was represented by Catella & Freshfields.