A fund co-managed by Aviva Investors and LaSalle Investment Management, Encore+, has acquired an office property in Frankfurt from an unnamed vendor for €39.25 mln.
The office asset Galluspark 15-19 represents the fund's fifth acquisition in Germany. It is a seven-storey complex with three wings, comprising 18,700 m2 of leasable space.
Aviva Investors is fund manager of the open-ended, pan-European core plus fund, while LaSalle Investment Management is asset and transaction manager.
'Frankfurt is one of the key strategic European target markets for Aviva Investors as a “future-proof” city where people want to live, work, play and learn. Gallus in particular is a submarket that has benefitted from a significant amount of both public and private investment and an increasingly affluent population,' commented Jeffrey King, Encore+ fund manager at Aviva Investors.
'This is the third acquisition we have closed for the fund in 2017 to date, and one which we forecast to deliver strong investment performance,' added Ian Williamson, Encore+ investment manager at LaSalle Investment Management.
Encore+ currently has more than €1.3 bn assets under management, as of June 30th 2017.
