LaSalle Investment Management has bought a €55.6m office building in Amsterdam its Encore+.
The manager said it has acquired Luna Arena, for the €1.8bn pan-European real estate fund, from the Dutch real estate fund manager PingProperties. Luna Arena is the fourth acquisition in the Netherlands for the fund.
The 15,600sqm nine-storey office duilding is fully leased.
David Ironside, the fund manager of Encore+, 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 because of their excellent investment fundamentals, and expect this property to deliver strong and stable returns for our investors over the long run.”
LaSalle recently took over sole management of the Encore+ fund. The open-ended core fund had been managed in conjunction with Aviva Investors since its inception in 2006, but in May it was announced that the joint venture would end. As part of the transaction, Aviva Investors also sold its global real estate multi-manager business to LaSalle.