LaSalle acquires Luna Arena building in Amsterdam
LONDON (November 22, 2018) — LaSalle has acquired Luna Arena, the Grade-A office building in Amsterdam, for its Encore+ fund from the Dutch real estate fund manager PingProperties for €55.6m. Luna Arena is the fourth acquisition in the Netherlands for the Fund.
Based in Amsterdam South East, the city’s second largest office district after the central business district, the property is part of the expanding Plaza Arena office which is walking distance to the theatre and the Amsterdam Arena football stadium. The area is well-served by road and rail links and hosts many technology, media and financial firms.
The nine-storey Luna Arena has a total lettable floor area of approximately 15,600 square metres. It is fully leased and serves as the regional headquarters of TMF Group, the professional services firm, and Stryker Corporation, the US medical technology firm.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is a great acquisition for Encore+ fund in an area of Amsterdam where the fundamentals are good and continue to improve. Occupier demand is strong in this district and across the City we have seen that office investment volumes have remained particularly buoyant in recent years. As a result, we have sought to increase our exposure to Dutch offices and expect this property to deliver strong and stable returns for our investors over the long run.”
LaSalle was advised by Weebers Vastgoed Advocaten, Deloitte, Drees&Sommer and Savills. PingProperties was advised by JLL, Loyens & Loeff and Rechtstaete.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $68.4 billion of assets in private and public real estate property and debt investments as of Q1 2019. 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. For more information please visit http://www.lasalle.com, and LinkedIn.
NOTE: This information discussed above 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 to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.