Encore+ has purchased the office tower Kennedytoren in Eindhoven for c. €50 m.
Kennedytoren is located in the centre of Eindhoven, directly adjacent to the main railway and bus station and within walking distance of the main shopping area. The property is made up of 20,372 m² lettable space spread over 23 floors. It also holds a BREEAM ‘Very Good’ rating and is 100% leased to a number of tenants, with Deutsche Bank, HERE Europe and Taylor Wessing as key occupiers.
Jeffrey King, Fund Manager for Encore+ at Aviva Investors, said: “This acquisition represents a strong fit for Encore+, particularly as we continue to increase exposure to BREEAM-rated properties across Europe. With falling supply, low vacancy and a growing local economy, Eindhoven represents a growth location in the Netherlands and has become one of the most important technological regions in Europe. The asset offers stable income and strong potential for future valuation.”
David Ironside, CIO and Investment Manager for Encore+ at LaSalle Investment Management, said: “The Fund already owns one Dutch Office in the Amsterdam South Axis (Eurocentre II, acquired in 2016) which has performed extremely well for the Fund to date and together with the Venlo logistics asset, Kenndeytoren provides Encore+ with a diversified exposure to the Dutch market.”
