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.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $59.5 billion as of Q2 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made by means of a private placement memorandum. Past performance is not indicative of future results.