LaSalle Investment Management has acquired a The ElseBella portfolio for €169m for its pan European core real estate fund. The ElseBella portfolio includes properties in the Westend and Arabellapark districts of Munich. The Munich office portfolio was sold by AXA Investment Managers Real Asset.
The portfolio acquired includes two buildings encompassing 25,000sqm of space in Munich’s Westend district. It is a major office location adjacent to the central business district (CBD). The other asset, Bella, is a 15,000sqm, seven-storey building in Arabellapark, northeast of the CBD. LaSalle said that both submarkets were subject to particularly high take up levels and limited immediate and future supply.
According to IPE’s a news, the open ended Encore+ fund for which LaSalle asumed full control in November, now has a net asset value of €2.1.
David Ironside, fund manager of Encore+, said LaSalle was focusing on office markets in Europe “where we can get significant rental growth over time”, especially those that produce “very limited new supply” of new buildings.