LaSalle Investment Management said on Friday that its Encore+ fund has acquired the Luna Arena office building in Amsterdam, from the Dutch real estate fund manager PingProperties for €55.6 mln.
The nine-storey Luna Arena is the fourth acquisition in the Netherlands for the fund. Based in Amsterdam South East, the city’s second largest office district after the central business district, the 15,600 m2 property is part of the expanding Plaza Arena office.
It is fully leased and serves as the regional headquarters of TMF Group, the professional services firm, and Stryker Corporation, the US medical technology firm.
'This is a great acquisition for Encore+ fund in an area of Amsterdam where the fundamentals are good and continue to improve,' said David Ironside, fund manager of Encore+ at LaSalle Investment Management. '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 was advised by Weebers Vastgoed Advocaten, Deloitte, Drees&Sommer and Savills. PingProperties was advised by JLL, Loyens & Loeff and Rechtstaete.
LaSalle recently assumed the sole responsibility for the management of Encore+, which has been jointly managed by Aviva Investors and LaSalle for the last 12 years.
