LaSalle’s Encore+ Fund acquires ElseBella office portfolio in Munich for €169m

MUNICH (January 11, 2019) — LaSalle has acquired ElseBella, a portfolio of two office properties in the Westend and Arabellapark districts of Munich, on behalf of the LaSalle Encore+ Pan European Fund from AXA Investment Managers for €169m.

Else comprises two office buildings with a combined rental area of over 25,000m² situated on Elsenheimerstrasse in Munich’s Westend district, a major office location adjacent to the CBD, with outstanding public transport and road connections. Bella is a seven-storey office building with a lettable area of over 15,000m² located in the heart of Arabellapark, one of Munich’s most popular and established office submarkets to the north-east of the CBD. Both properties are let to multiple tenants and Else has potential for redevelopment.

The Munich office market is a national leader in terms of demand, low vacancy and adherence to LaSalle’s proprietary DTU+E criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment. Within this market, the Westend and Arabellapark submarkets are subject to particularly high take-up levels and limited immediate and future supply.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is an exciting acquisition for Encore+ that increases the fund’s exposure to the German office market whilst also meeting the fund’s criteria of investing in assets in attractive locations with fundamentals which we believe have the potential to underpin future rental growth. With Munich currently exhibiting some of the highest take-up and lowest vacancy rates in Germany, we expect these properties in two of the city’s most established office submarkets to deliver strong and stable returns for Encore+ investors in the long term.”

LaSalle worked on the transaction with Linklaters (Legal/Tax), Unicredit (Lender), JLL (Technical, Non Rec’s & Buy-Side), Howden (W&I Broker), Ambridge (W&I Insurer), Oliv Architekten (Architect) and CBRE (Valuation). AXA Investment Managers was advised by Colliers (Broker), Möhrle Happ Luther (Legal), BrandBerger (Technical) and Sabine Houben (Tax).

The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Encore+ is part of MSCI’s Pan-Europe Property Funds Index (PEPFI) and it was recently announced as the best performing fund in the Index for 2017 on both a one- and five-year basis.

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 $60.5 billion as of Q3 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

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.

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