LaSalle, Swiss Life Asset Managers complete logistics joint venture
LaSalle Investment Management and Swiss Life Asset Managers complete a joint venture focusing on the German logistics market.
The venture will recapitalize a €320 million ($343 million) seed portfolio of five class-A fully-let logistics assets contributed by Swiss Life Asset Managers and seek to acquire and develop additional logistics assets. Swiss Life Asset Managers will act as the asset and investor-developer manager and the insurance arm of Swiss Life will retain a minority equity stake in the aggregate portfolio.
The five seed assets, across the Rhein-Ruhr, Koblenz and Zwickau regions, have a total lettable area of 236,000 square meters (2.5 millionsquare feet) with 100 percent CPI-indexed rents.
The investment presents LaSalle with an opportunity to partner with a best-in-class manager in a preferred sector, overseeing a portfolio of exceptional award-winning, state-of-the-art logistics assets in the robust German logistics market. The partnership is se