LaSalle acquires 69 Haussmann in Paris on behalf of the Pan-European Fund, Encore+ for €128 million
LaSalle has acquired 69 Haussmann in Paris on behalf of the Pan-European Fund, Encore+ for €128 million. The building is part of a bigger office complex known as ‘Paris Haussmann’, which is located in the Central Business District area of the city.
The asset comprises more than 7,400 square metres of lettable floor space, situated over 8 floors. It is home to a range of high-profile businesses including UBS and Rabobank.
Encore+ is a diversified, Continental European real estate fund which aims to deliver stable and growing income alongside long-term capital appreciation, from an actively-managed portfolio, in a monthly-dealt, open-ended fund structure. The Fund has been successfully co-managed by LaSalle and Aviva Investors for almost 10 years. It was recently ranked by MSCI as the top performing fund on a three year rolling basis in the IPD Pan-European Property Funds Balanced Funds Index (PEFPI). The three year return for the Fund is more than 9% (as at 30 June 2016).
Ian Williamson, Portfolio Manager at LaSalle Investment Management, said: “This asset follows the strategy to actively invest in well located Core+ offices across the Encore+ investable universe. This is a modern, high quality office building and the Fund’s first Czech acquisition; this also makes it an excellent fit further diversifying the Fund’s composition.”
Marian Herman, Chief Financial Officer of HB Reavis said: “Our strategy is to deliver well-designed, dynamic workspaces, with excellent amenities, in desirable locations. River Garden ll & lll provides all those vital aspects, which will ensure that the office building will remain an attractive and lucrative long-term investment for reputable companies such as LaSalle and Aviva Investors.”.