Encore+, a fund jointly managed by Aviva Investors and LaSalle Investment Management, has acquired a 50.1% stake in the Place des Halles shopping centre in Strasbourg, France.
Last week, LaSalle Investment Management bought the shopping centre from FTSE 100 listed property group Hammerson and its co-owner for €291m.
Encore+ said today that it’s joint venture partner, a separate account client of LaSalle, will acquire the remaining 49.9% stake.
The total purchase price is €291m and the acquisition is expected to be completed before year end, Encore+ said.
Located in Strasbourg, Place des Halles is a prime regional shopping centre totalling 41,600sqm and comprising 120 stores and restaurants.
The centre generates €14.3m annual rent.
Encore+, the pan-European open-ended fund, has been managed for 10 years by Aviva Investors as fund manager and LaSalle as asset manager.