Encore+ acquires 50.1% share of prime shopping centre in Strasbourg
Encore+ has entered into a joint venture arrangement for the purpose of indirectly acquiring a 50.1% share in the Place des Halles shopping centre in Strasbourg, France. A separate account client of LaSalle Investment Management is the joint venture partner and is acquiring 49.9%. The total purchase price is €291 million and completion is anticipated to occur before year end, subject to the satisfaction or waiver of usual conditions precedent.
Centrally located in Strasbourg, Place des Halles is a prime regional shopping centre totalling 41,600m2 and comprising 120 stores and restaurants. The centre benefits from strong transport links and attracts 10 million shoppers per year. The centre generates €14.3 million annual rent. A full mall refurbishment took place recently and the creation of new MSU units including the largest Zara flagship store in the East of France. Remodelling of the exterior façade began in 2017.
Encore+ is a pan-European open-ended fund that invests pursuant to a “core-plus” strategy and which is managed by Aviva Investors as Fund Manager. LaSalle Investment Management is the Asset and Transaction Manager. The Fund has a successful 11-year track record, delivering stable and growing income alongside long-term capital appreciation, from an actively-managed portfolio. It continues to enjoy significant momentum in both capital raising and deployment, with total assets of more than €1.4 billion under management. The three-year annualised return for the Fund is more than 9.0% (as at 31 October 2017).