LaSalle Investment Management has announced the formation of the LaSalle German Retail Venture a joint venture between LaSalle and the British Columbia Investment Management Corporation to pursue high yielding retail investments across Germany.
The Venture is seeking to invest 600 million in the German retail sector and Barclays Capital, the investment banking division of Barclays Bank PLC, has provided the debt.
David Ironside, Fund Manager for the LaSalle German Retail Venture said "We are extremely pleased to combine LaSalle's established platform in Germany with an experienced like-minded investor to capture what we believe to be a cyclically attractive investment opportunity in one of Europe's largest real estate markets."
We anticipate generating attractive income returns by acquiring shopping centers, hypermarkets, retail parks and supermarkets throughout Germany. In addition to generating attractive income returns, the investments will offer the potential for capital growth through yield shift, active management initiatives and the expected economic and real estate market recovery in Germany.
To date the fund has already secured or has under due diligence c. 250 million of assets in the pipeline for a wide variety of retail assets across Germany.