LaSalle Investment Management and Aviva Investors are selling an office property in Sweden from their Encore+ pan-European open-ended fund.
The Point Liljeholmen leasehold property, at Stora Katrineberg 16 in Stockholm, is being sold for SEK1.1bn (€115.5m) to Swedish listed property company Atrium Ljungberg.
The sale, due to complete in February next year, attracted ”very strong demand” from investors, according to Ian Williamson, LaSalle’s head of core funds in Continental Europe, said.
LaSalle said local partner, Genesta, had refurbished the asset for the joint venture fund, which has invested in core-plus proeprties in France, Germany, Sweden, Spain and the Netherlands.
The 40,000sqm property is let to tenants including Grontmij, Roche, Boehringer Ingelheim and VIA Egencia.
Gil Bar, senior director of real estate at Aviva Investors, said the asset has provided a strong return on equity for the Luxembourg-based fund, which launched in June 2006 and is asset managed by LaSalle, with Aviva the fund manager.
The partnership is aiming for more than €1bn under management and a fund-level IRR of 8.5%. The fund had around 60 properties on its books in September last year.
