Aviva Investors and LaSalle acquire 69 Haussmann in Paris
Aviva Investors and LaSalle Investment Management have acquired 69 Haussmann in Paris on behalf of the pan-European fund, Encore+, for EUR128 million.
The building is part of a bigger office complex known as Paris Haussmann, which is located in the central business district area of the city.
The asset comprises more than 7,400 square metres of lettable floor space, situated over 8 floors. It is home to a range of high-profile businesses including UBS and Rabobank.
Encore+ is a diversified, Continental European real estate fund which aims to deliver stable and growing income alongside long-term capital appreciation, from an actively-managed portfolio, in a monthly-dealt, open-ended fund structure.
The fund has been co-managed by LaSalle and Aviva Investors for almost 10 years. It was recently ranked by MSCI as the top performing fund on a three year rolling basis in the IPD Pan-European Property Funds Balanced Funds Index (PEFPI). The three year return for the fund is more than 9 per cent (as at 30 June 2016).
Jeffrey King, fund manager of Encore+ at Aviva Investors, says: "69 Boulevard Haussmann is an iconic building and represents a rare Core + investment opportunity which offers both stable rental income to our clients and strong potential for future valuation.”
Ian Williamson, fund manager at LaSalle Investment Management, says: “This acquisition, which is the largest that we made last year on behalf of Encore+, matches all of the criteria for the fund strategy; this is to acquire in longstanding quality locations, and where active asset management will generate outperformance, driven primarily by income going forward. We have progressed substantially towards our target of EUR1 billion assets under management and I look forward to the continued growth of the fund in the year ahead.”