Swiss Life concludes JV with LaSalle for German logistics
Swiss Life is contributing an initial portfolio worth EUR 320 million to the joint venture, acting as manager and retaining a minority stake.
The joint venture with LaSalle Investment Management will recapitalize a EUR 320 million start-up portfolio of five fully leased logistics properties contributed by Swiss Life and acquire and develop additional logistics properties. Swiss Life Asset Managers will act as real estate manager and developer, while Swiss Life's insurance business will hold a minority stake in the overall portfolio. The five properties located in the Rhine-Ruhr area and in the Koblenz and Zwickau regions have a combined lettable area of 236,000 sqm with index-linked rental agreements.
"The investment offers LaSalle the opportunity to partner with a leading real estate manager in a preferred sector and to underwrite a portfolio of award-winning and state-of-the-art logistics properties in the strong German logistics market," according to a statement. The joint venture will leverage Swiss Life Asset Managers' large logistics platform and benefit from the continued high demand for logistics real estate in continental Europe. (aw)
