LaSalle Investment Management’s core pan-European property fund Encore+ has increased its exposure to the Central European office market with the acquisition of a 16,667sqm Polish asset.
The real estate manager has bought the newly built Wronia 31 building in Warsaw’s city centre west zone from Ghelamco for an undisclosed sum.
David Ironside, fund manager for Encore+, said: “This is an excellent acquisition for Encore+ where the asset characteristics of geography, sector and micro-location are all in line with the fund’s investment targets; moreover, it increases our exposure to the growing Central European office market and the economic growth in Warsaw.”
Francesco Coviello, head of transactions for central and southern Europe at LaSalle, said: “This is a very well-located asset in an area with much lower vacancy rates than the rest of Warsaw.
“As such, this is an excellent fit for LaSalle’s flagship pan-European fund and highlights our local knowledge in Poland and our ability to source high-quality assets.”
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.