LaSalle Investment Management and Morley Fund Management have acquired assets with a gross value of €800 million for the open ended pan European core fund, Encore+.
The figure was reached after signing a promissory agreement to acquire Metzanine, a new generation retail park on the outskirts of the city of Metz, France. The park was purchased from MAB Bouwfonds, developer of the site.
Around one third of the fund is invested in retail.
Andy Watson, European investment director, said in a statement: “The French retail sector comes with relatively high barriers to entry, making this acquisition a strategic choice of stock. Retail properties make up the backbone of Encore+ and are located in the core institutional grade markets of France and Germany.”
Since its launch in 2006, Encore+ has outperformed its target of 8.5 percent, according to LaSalle, despite an immediate write off of 100 percent of acquisition costs.
Encore+ is a monthly priced open-ended fund, set up by LaSalle Investment Management and Morley Fund Management.