LaSalle makes first acquisition in the Netherlands for ERAFP
LaSalle Investment Management (“LaSalle”), the leading global real estate investment manager, has made its first acquisition in the Netherlands on behalf of the French public service additional pension scheme, ERAFP.
This is the 6th acquisition that LaSalle has made on behalf of ERAFP under the ten year investment mandate since it launched in 2015. The fund invests in high quality core and core+ assets. Previous acquisitions include prime retail, office and student housing in the UK, Germany and the Czech Republic.
Amsterdam has the largest and most important office market in the Netherlands. It is expected to outperform the European and national average over the next five years, with expected GDP growth of 2.2% pa. This investment is both a strong example of the Socially Responsible Investment criteria that ERAFP deploys, and is also an investment in a quality asset in a DTUE (Demographics, Technology, Urbanisation and Environment) rich location, as stipulated by LaSalle’s research.
The asset is a grade A office space in a location with good accessibility at affordable rental levels relative to the wider market. It is a multi-tenant office complex comprising 4 independent buildings in the best part of ‘Amsterdam Sloterdijk’, in the north-western part of the city. It is a well-recognized back office location which – as one of the main locations of urban expansion – is developing into a multifunctional area. The complex offers excellent access to private and public transport, is located right next to the Sloterdijk intercity station and in close vicinity to A10 and A5 motorways.
Beverley Shadbolt, Fund Manager at LaSalle Investment Management said: “We are pleased to announce the acquisition of this excellent asset which is a strong addition to the Fund, further supporting ERAFP’s and LaSalle’s commitment to sourcing assets with strong ESG credentials. Bright Offices will also further add geographic diversification to the Fund and offer stable existing income and upside through leasing.”
LaSalle was advised by Savills, Houthoff Buruma (legal), interim bouwconsult (technical) and Deloitte (tax). The seller was advised by CBRE and Loyens & Loeff.