LaSalle Investment Management has acquired a 9,800sqm Paris office development for its pan-European core real estate fund Encore+.
The office development on rue Jeanne d’Arc was acquired from AG Real Estate in a forward-funding deal. Financial details were undisclosed.
The building will be available for tenant occupation in the summer of 2021.
LaSalle said the investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Value-add will continue to be part of the Encore+ strategy.
As at the beginning of the year, the open-ended Encore+ fund, for which LaSalle assumed full control in November, now has a net asset value of €2.1bn, according to a source with knowledge of the matter.
David Ironside, fund manager for Encore+, said: “This asset is an outstanding example of the location-focused strategy of Encore+, with strong DTU+E credentials and in a strategic location with a mixed-use environment.
“Our teams actively seek out opportunities in dense locations with strong demographics, technology industries, and excellent public transport connections. We look forward to welcoming our tenants in 2021.“
Arnaud Guennoc, general manager of AG Real Estate France, said the building will be built in partnership with Les Nouveaux Constructeurs under a real estate development contract.
“We are very proud of this first operation in the 13th district of Paris, an extremely dynamic neighbourhood, with which we continue our collaboration through the Nouvel R project, the recent winner of the Inventer Bruneseau call for projects.”