LaSalle Investment Management has acquired a total of seven retail centers in Bavaria, Germany for its LaSalle German Income and Growth Fund (LGIG). All assets are new developments and have been leased on a long-term basis to national retailers, including REWE, Edeka, Lidl and Rossmann.
The investment volume amounts to approximately 30 million. The vendor is ISARKIES Wohn-und Gewerbegrund GmbH & Co KG and financing has been provided by DG HYP Deutsche Genossenschafts-Hypothekenbank AG.
The LaSalle German Income fund Growth Fund is a closed property fund investing in German commercial properties. Its total volume amounts to approximately 1 billion.
David A. Ironside, International Director and Head of Acquisitions Northern Europe with LaSalle Investment Management, said, "Germany continues to be a very interesting region for investments and retail centres in particular offer sustainable, yet profitable investment opportunities. Our strategy is based on this belief and this new investment is fully in line with our overall strategy."