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LaSalle fund buys Munich office portfolio for €169M

LaSalle Investment Management Inc. bought the ElseBella office portfolio in Munich for €169 million from Axa Investment Managers - Real Assets.

LaSalle bought the properties on behalf of its Encore+ Pan European Fund.

The portfolio comprises the two-building Else property on Elsenheimerstrasse in the city's Westend district and the seven-story Bella building in Arabellapark.

Else has a total combined rental area of more than 25,000 square meters, with potential for redevelopment. The Bella building comprises more than 15,000 square meters of lettable area.