LaSalle acquires two retail properties in Scotland for GBP58.6m
A specialist investment fund of LaSalle Investment Management Kapitalanlagegesellschaft, 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 GBP1.3m (EUR1.6m.). The property was purchased for GBP24.5m (EUR31m) reflecting a net initial yield of five per cent.
The property in Edinburgh is an eight-storey building on Princess Street. It has two tenants, New Look, the British high-street fashion chain, which occupies a 2,415 square metre store on a 20 year lease, and a 97 bedroom Premier Inn Hotel, on a 19.5 year lease. The property was purchased for GBP34.1m (EUR43.3m) reflecting a net initial yield of 5.5 per cent.
LaSalle KAG is a newly established specialist investment fund which aims to achieve a total investment volume of EUR200m, to be invested in office and retail properties in prime locations with long term leases. Its geographic focus is on Germany, France and the UK. 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.