LaSalle Investment Management and Morley have teamed up to buy three properties in Italy and France on behalf of Encore+, the open-ended pan-European fund.
The partners announced this morning that they had purchased two logistics developments in Anagni and Rovigo, Italy, from property company Vailog for E82.5m (£57.6m). They have also bought 7-13 Boulevard Paul Emile Victor, an office building in Paris, from an undisclosed vendor for E17m (£12m).
Andy Watson, acquisitions director of LaSalle Investment Management, said: ‘Both acquisitions are representative of the fund’s core plus commercial property orientation. Specifically, Italy remains a key target market for Encore +,
Gross asset value
Gil Bar, fund manager of Encore+ said: ‘These two acquisitions are part of a recent spree of new purchases for Encore+, which with deferred completions, mean the fund has achieved an anticipated gross asset value of approximately €663 million. Encore+ has performed strongly since its launch in June last year generating an internal rate of return of nearly 18% in the past 12 months.’