LaSalle acquires River Garden II & III on behalf of Encore+ for €84 million
LaSalle has acquired River Garden II & III in Prague, Czech Republic, on behalf of the Pan-European Fund, Encore+, for €84 million.
River Garden II & III, developed by HB Reavis, an internationally active real estate company, is a class-A office building with ground floor retail, located in the Karlin district of Prague. This is the first acquisition that Encore+ has made in the Czech Republic.
River Garden II & III, which has recently been awarded a BREEAM ‘Excellent’ certification award, gives Encore+ the opportunity to access high quality office space with a mixed tenant profile of both international and local companies on long leases. It also benefits from the strong and growing Czech economy with the second lowest unemployment rate in the EU.
Karlin is one of the most prominent, active and sought after office locations in Prague, located in an established and popular office and residential location close to the city centre. The property benefits from a number of excellent transportation connections (subway, trams and buses) within short walking distance.
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. It was recently, for the second time, 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 September 2016). The Fund has been successfully co-managed by Aviva Investors as Fund Manager and LaSalle Investment Management as Asset Manager for over 10 years, with LaSalle also being responsible for all deal sourcing for the Fund.