LaSalle Investment Management and Morley Fund Management have announced the acquisition of three floors of the Tour Franklin at Paris's La Défense high-rise business district on behalf of their open-ended pan-European Encore+ fund.
LaSalle Investment Management and Morley Fund Management have announced the acquisition of three floors of the Tour Franklin at Paris's La Défense high-rise business district on behalf of their open-ended pan-European Encore+ fund.
Following the acquisition of eight floors of Tour Franklin last December, the fund now owns 11 of the tower's 32 floors. The three additional floors are fully let to credit and insurance giant Assurances Générales de France. The partners said the fund's ownership offers good reversionary prospects through active asset management.
The floors were taken over from GE Real Estate, with debt financing secured from Münchener Hypothekenbank as agent and Bayerische Landesbank. Etude de Maîtres Nony, Lavigne, Roux and Lazard Frères advised on the acquisition for Encore+, while the vendor was advised by SCP Michel Morin & Philippe Morin.
Encore+ is a monthly priced and dealt open-ended fund established by LaSalle and Morley to invest in a balanced portfolio of commercial property with a core-plus orientation across the European Economic Area, excluding the UK.
