Thu, 15/11/2018 - 09:14
LaSalle Investment Management (LaSalle) has assumed the sole responsibility for the management of Encore+, the open-ended Continental European real estate fund which has been jointly managed by Aviva Investors (Aviva) and LaSalle for the last twelve years.
As the existing asset manager of the fund, and also having shared joint responsibility for marketing, capital raising, client relationships and strategic business planning with Aviva since inception of the fund, LaSalle is well-equipped to take on sole management of Encore+. The transaction is expected to further streamline the Fund's internal processes and decision making. There are no changes to the terms and offerings to investors.
David Ironside has assumed the role of Fund Manager for Encore+ having been responsible for LaSalle's management, strategy and acquisitions contribution to the Fund for twelve years in his capacity as Head of Acquisitions for Continental Europe and LaSalle's CIO for Continental Europe. Marianne Hemon-Laurens will be the Deputy Fund Manager for the Fund; she has been working on the Fund for ten years and seen the Fund triple in size over this period.
The Encore+ investment strategy will remain the same and focus on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Given the strong demand fundamentals, we believe opportunities remain to add value to assets located in markets with robust long-term trends in demographics, technology and urbanisation. Over the last three months, the Fund has continued to generate strong performance in both absolute and relative terms, and the historic long term returns have consistently been at the top end of its peer group; this is a direct result of our commitment to and success in generating attractive risk-adjusted returns over the long term. Encore+ has been a leading Fund in the IPD PEPFI in terms of performance and it was recently announced as the best performing Fund in the Index for 2017 on both a one and five year basis.
Ironside says: "I am delighted to confirm that LaSalle is now the Fund Manager of Encore+. We are committed to maintaining the strategy and we remain well positioned to execute the asset management required to generate the returns in line with the Fund's objectives. Encore+ has continued to be active in the market and to seek attractively priced assets aligned to our strategy. Since the transaction was announced, the Fund has continued to receive additional subscriptions from both existing and new investors."
Simon Marrison, CEO of Europe at LaSalle Investment Management, says: "Encore+ is our flagship fund for Europe and the market-leading performance that we have seen from the Fund will be a great platform for the future. I am delighted that LaSalle has become the sole Fund Manager as I believe that we have the experience, the scale and the ability to strengthen the Fund to help it reach its full potential."
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