LaSalle acquires €169m of Munich office assets
LaSalle Investment Management has acquired ElseBella, a portfolio of two office properties in Munich, on behalf of the LaSalle Encore+ Pan European fund from AXA Investment Managers for €169 million ($194 million).
Else comprises two office buildings with a combined rental area of more than 25,000 square meters (269,000 square feet)) situated on Elsenheimerstrasse in Munich’s Westend district, a major office location adjacent to the CBD, with outstanding public transport and road connections. Bella is a seven-story office building with a leasable area of more than 15,000 square meters (161,000 square feet) located in the heart of Arabellapark, one of Munich’s most popular and established office submarkets to the northeast of the CBD. Both properties are let to multiple tenants and Else has potential for redevelopment.
Around €77.3 billion ($89 billion) was invested in the German real estate investment market over the course of 2018,