The Elsa building from the outside

Munich, Germany | Office | December 2018


Two prime office buildings in Munich’s vibrant Westend with superb access to transit links.

About the building

Trí is an office property in Munich’s Westend submarket, close to the central business district, consisting of two buildings. They were built in 1976 and 2011, with the 1976 structure being refurbished in 2013. The 1976 building has 9,513 square meters of lettable area and 49 parking spaces, while the 2011 one has 14,850 square meters of lettable area and 161 parking spaces.

Investment rationale

Trí’s site is located near both a metro station and a suburban train station with access to six of Munich’s seven train lines, as well as road access. The area has been upgraded in recent years with various new office developments and refurbishments with the current vacancy rate being below 1%. Future mixed-used developments (mainly residential) will make this location a very attractive live/work urban environment.

At the time of purchase, the Encore+ team believed the asset was under-rented and LaSalle had the potential to bring the asset in line with contemporary market standards, enabling significant rental growth to be achieved.

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View to the corner of the building

Trí is part of the LaSalle Encore+ portfolio

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Important information

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.