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LaSalle Investment Management has made an initial logistics property investment in Canada on behalf of Bayerische Ärzteversorgung Bavarian doctors’ pension fund (BÄV).
The Toronto logistics facility was acquired for $38.2 million in a sale-and-lease-back transaction and has a total floor space of approximately 36,000 square metres.
The property has been leased on a long-term basis to Schenker of Canada.
BÄV represents one of the 12 pension institutions of BVK, the Bavarian umbrella pension scheme for self-employed professionals, including doctors, lawyers and architects.
LaSalle has made the investment only three months after being awarded a global mandate by BVK.
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