LaSalle Investment Management has announced the acquisition of a logistics development in western Germany on behalf of LaSalle E-REGI via LaSalle’s regulated platform in Germany.
The asset has been acquired from the German logistics subsidiary of a Cologne-headquartered online retailer, in a sale-and-leaseback transaction. Financial details were not disclosed.
The logistics property is a high-quality new-build development, which was completed in September 2019. It has a total area of over 44,000 m2. The asset is currently single-let to a logistics subsidiary on a 10-year term and will serve as the tenant’s European logistics headquarters.
The property is located in Euskirchen in the greater Cologne region of North-Rhine-Westphalia.
Uwe Rempis, fund manager at LaSalle IM, said: 'We’ve been steadily increasing LaSalle E-REGI’s exposure to the logistics sector to capitalise on the strong tailwinds provided by the continued growth of e-commerce and online retailing. With the large population of the greater Cologne region served by a relatively low and constrained supply of modern logistics properties, this investment in a state-of-the-art facility in Euskirchen will offer our investors stable long-term returns and attractive yield.'
Andreas Wesner, head of acquisitions for Germany at LaSalle, said: 'This is a very well-located asset in an area with scarcity of available logistics space. Due to its long-term lease structure and high flexibility in regards of third-party usability, this is an excellent fit for LaSalle’s pan-European fund and highlights our ability to source high-quality assets.'
LaSalle was advised by Pinsent Masons (legal), Gleeds (technical), Colliers (commercial) and Knight Frank (valuation).