LaSalle Investment Management announced it is acquiring three offices in Airport City Bremen, Germany, through its €1 billion German Income & Growth Fund (GIG).
Airport City Bremen is a new business center in northwest Germany which has approximately 13,500 people working at more than 450 companies across a wide range of sectors.
The new acquisitions include an existing 6,500-m² office building, which is fully leased on a long-term basis. The two other properties, currently under construction, are 4,600 m² and 11,000 m², and are expected to be completed in December 2008 and in Third Quarter 2009 respectively. Both offices are fully pre-let.
The overall transaction comprises some 22,500 m² of rental space and a total investment of approximately €35.5 million. The properties will be managed by the Verwaltungsgesellschaft Airport GmbH.
David Ironside, Managing Director, LaSalle Investment Management Germany, commented: "Germany remains a highly attractive investment market and this acquisition will enhance the returns on our German Income & Growth Fund."
Including this new acquisition, LaSalle Investment Management has advised GIG on a total volume of €500 million, equivalent to a total of 230,000 m².