LaSalle Investment Management’s Kapitalanlagegesellschaft fund has acquired two retail and leisure properties in Scotland for £58.6m.
It has bought Nike’s store in Glasgow from BAM Buchanan for £24.5m – a 5% net initial yield. The 27,100 sq ft shop is let on a 15-year lease with an initial rent of £1.3m.
LIM has also acquired an eight-storey building on Princess Street, Edinburgh (pictured), from Deramore for £34.1m – a 5.5% net initial yield. It has two tenants, New Look, which occupies 24,100 sq ft on a 20-year lease, and a 97-bedroom Premier Inn Hotel, on a 19.5-year lease.
LaSalle KAG was established in 2011 and aims to invest €200m (£158m) in office and retail properties in prime locations with long term leases. Its geographic focus is on Germany, France and the UK.
Cushman & Wakefield and Culverwell acted for BAM Buchanan; CBRE advised LIM in Glasgow; Henderson Herd acted for Deramore; MMX Retail advised LIM in Edinburgh.
annabel.dixon@estatesgazette.com
