LaSalle acquires two retail properties in Scotland for £58.6 million (UK)
Thursday 12 July 2012
LaSalle Investment Management today announces that a specialist investment fund of LaSalle Investment Management Kapitalanlagegesellschaft mbH (‘LaSalle KAG’), which was established in 2011, has acquired two commercial properties in Glasgow and Edinburgh.
The store in Glasgow is located in the ‘Style Mile’ and is occupied by Nike, as a flagship store on a 15 year lease with an initial rent of £1.3 million (€1.6 million.). The property was purchased for £24.5 million (€31 million) reflecting a net initial yield of 5%.
The property in Edinburgh is an 8-storey building on Princess Street. It has two tenants, New Look, the British high-street fashion chain, which occupies a 2,415 m² store on a 20 year lease, and a 97 bedroom Premier Inn Hotel, on a 19.5-year lease. The property was purchased for £34.1 million (€43.3 million) reflecting a net initial yield of 5.5%.
LaSalle KAG is a newly established specialist investment fund which aims to achieve a total investment volume of €200 million, to be invested in office and retail properties in prime locations with long term leases. Its geographic focus is on Germany, France and the U.K. The fund already owns four properties in Germany, including office properties in Ratingen and Frankfurt, as well as retail properties in Koblenz and Garmisch-Partenkirchen.