LaSalle buys residential development in Berlin

LaSalle buys residential development in Berlin

LaSalle has acquired a 230 unit residential development, Lacus Quartier, in Berlin on behalf of the LaSalle E-REGI fund.

The residential development is located in a quiet and family-friendly part of the improving Weißensee district in Berlin-Pankow. The area benefits from its proximity to the popular Prenzlauer Berg district and its expansion over recent years.

LaSalle said it is one of the fastest growing districts in Berlin, with forecast population growth of more than 10 per cent by 2030.

It was acquired from Buwog and will be completed in April 2021.

“This acquisition is in line with the Fund strategy to diversify its sector allocation by focusing on residential, thus generating a long-term stable income stream for the Fund. The Fund is prioritising investments in the strongest cities across Europe and this newly developed asset in Berlin is the perfect foundation to grow its residential exposure,” said Uwe Rempis, Managing Director and Fund Manager for LaSalle E-REGI.

“We are very pleased to have been able to implement the Fund’s strategy to increase the residential allocation in the portfolio last year. Residential will remain an important part of our investment strategy in 2021 and following the acquisition of Lindenstrasse in Berlin in September 2020, we have now been able to further strengthen our residential track record with the ‘Lacus Quartier’.,” said Andreas Wesner, Head of Investment Germany.