LaSalle’s E-REGI Fund Makes Dutch Acquisition
MUNICH (9 January 2017) – LaSalle is pleased to announce that its LaSalle E-REGI fund has acquired a leading high street retail complex in the city of Enschede, in the eastern Netherlands. The fund has acquired over €260 million of assets in 2017, and this is the 2nd held in the Netherlands.
The fund has acquired a high street retail property in the heart of Enschede. The premises totals just under 5,000 m², and its tenants include Zara, as well as leading Dutch brands such as Scotch & Soda and Schuurman Schoenen.
The complex is well positioned to benefit from the robust Dutch economy: The Organisation for Economic Co-operation and Development (OECD) says the country’s growth is “projected to remain strong and broad-based in 2018 and 2019.” In addition, Enschede, which is ranked second in retail trade turnover in the eastern Netherlands and offers the most versatile choice of shops in the region, also sees a regular influx of shoppers from Germany thanks to its proximity to the border between the two nations.
LaSalle E-REGI fund is an open-ended pan-European real estate fund, launched by the specialist investment company LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH (“LaSalle KVG”), which is 100% owned by LaSalle GmbH, and has attracted investment from a number of major institutional investors. It aims for stable income return from a diversified core portfolio (office, retail, logistics) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI) which has been developed by LaSalle since 1999, and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term. The Fund also includes additional screening filters such as JLL`s Global Real Estate Transparency Index and the minimum market size.
Uwe Rempis, Fund Manager of the LaSalle E-REGI fund, said: “This latest purchase strongly supports the aim of the E-REGI fund which is to purchase first-rate properties in excellent locations. The asset, which is situated in a prime position, fits well in the portfolio regarding size and strategy. Enschede’s position at the heart of such a vibrant region spreading across two countries means it will continue to see significant growth, while the location of this complex means it will always be central to the shopping experience in the city. This asset will therefore prove a strong long term addition to the E-REGI fund.”
Nadine Gelke, Director of Acquisitions at LaSalle Investment Management, said: “This is a very high quality asset in a city ranked second in retail trade turnover in the East Netherlands and offers the most versatile choice of shops in the eastern region. Enschede’s retail property market is clearly moving upward, as such there are no vacant premises and whenever spaces in the prime locations come to the market, new tenants are found promptly.”
LaSalle was advised by KroesePaternotte, NautaDutilh and Drees & Sommer. Houthoff advised the Seller.