LaSalle Investment Management and Morley Fund Management announced on Tuesday that their pan-European open-ended fund Encore+ has acquired two properties in France and the Netherlands.
LaSalle Investment Management and Morley Fund Management announced on Tuesday that their pan-European open-ended fund Encore+ has acquired two properties in France and the Netherlands.
In Paris, the fund has acquired an EUR 84 mln interest in eight fully-let floors of Tour Franklin, La Defense, from Gecina, the real estate development and investment company. The fund management consortium said that the multi-let tower is set to provide good reversionary prospects for the Encore+ Fund.
In the Netherlands, Encore + has acquired the extension land adjoining Geodis Venlo, following on from the acquisition of the main building in October 2007 from Geodis. The total volume of the deal is EUR 55 mln. The deal marks the fund's first acquisition in the Netherlands and helps to diversify the sector holdings of Encore+.
Morley's Gil Bar, Encore+ Fund manager, said that the fund is 'well on the way to meeting its milestone of EUR 1 bn very soon'. 'Differentiated by its pan European, multi-sector investment approach combined with the open-ended as well as liquid features of the fund, Encore+ has attracted a broad range of institutional investors since its launch in June 2006 and is gaining an increasingly global investor base. Clearly, the strong out-performance with an Internal Rate of return (IRR) of over 14% per annum since launch has helped as well', he added.
