LaSalle Investment Management’s €2.5bn open-ended continental Europe core real estate fund has added a Dutch logistics asset to its portfolio.

The global real estate investment manager’s Encore+ fund has paid an undisclosed amount to buy the Bleiswijk Urban Logistics Center situated north of Rotterdam from ULP Bleiswijk B.

ULP Bleiswijk B is a joint venture between USAA Realco Europe and Somerset Capital Partners.

 The 60,000msq building is currently let to a number of tenants.

David Ironside, fund manager of Encore+, LaSalle Investment Management, said: “Following the acquisition of numerous logistics assets in close proximity to some of Europe’s largest cities in 2019, this deal illustrates Encore+’s ongoing strategy of increasing exposure to strong logistics locations with limited supply.

“Across Europe we are seeing that the growth of e-commerce is driving demand for logistics and we expect this to continue, especially in The Netherlands where online sales account for only about 10% of total retail sales and are forecast to grow significantly in the next few years.”