LaSalle acquires Dutch office building on behalf of Encore+
LONDON (May 19, 2016) – LaSalle has made another investment on behalf of the Pan-European Fund, Encore+, which it co-manages with Aviva Investors, the global asset management business of Aviva plc. The Eurocenter II office building at Amsterdam’s South Axis, the city’s central business district, was acquired from Stichting Philips Pensioenfonds for an undisclosed sum.
The asset comprises more than 11,500 square metres of lettable floor space, situated over 14 floors. The multi-let building is home to a range of high-profile businesses including JCDecaux, Pathe Theatres, Fonterra, Gemalto and Kawasaki Heavy Industries. The building forms part of the wider Eurocenter complex and is close to Amsterdam RAI railway station, the Amsterdam RAI Exhibition and Convention Centre, as well as a wide range of other services.
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.
Encore+ has consistently ranked in the three best-performing funds by total return (on a three year rolling basis) in the Pan European Property Funds Balanced Funds Index (PEPFI): the three year income return for the fund is 5.2% (as at end April 2016)*.
The acquisition in Amsterdam is the latest in a series by the Fund in recent months. Earlier this year it signed a forward funding logistics development project in Wroclaw, Poland. That deal followed earlier acquisitions, including the Futura Retail Park, also in Wroclaw, and Bilbondo Retail Park, Bilbao, Spain
Ian Williamson, Head of Core Funds at LaSalle Investment Management, said: “This acquisition continues to demonstrate our ability to source excellent opportunities across Continental Europe. It is the perfect example of our Fund strategy, which is to acquire in longstanding quality locations, and where active asset management will generate outperformance, driven primarily by income going forward.”
Gil Bar, fund manager for Encore+ at Aviva Investors, said: “We are very pleased that Encore+ is continuing to add to its diversified portfolio across Continental Europe following the recent acquisitions in Poland and Spain. The fund management team sees this as an excellent investment in line with the fund’s strategy to invest in high-quality assets which complement the existing portfolio and generate returns for our investors.”
LaSalle Investment Management was advised by JLL, Houthoff Buruma and CVO Group. CBRE and Loyens & Loeff advised the Philips Pension Fund.
*Past performance is not a guide to the future. Past performance is net of fees.