LaSalle has acquired Luna Arena, the Grade-A office building in Amsterdam, for its Encore+ fund from the Dutch real estate fund manager PingProperties for €55.6m. Luna Arena is the fourth acquisition in the Netherlands for the fund. Located in Amsterdam South East, the city’s second largest office district after the central business district, the property is part of the expanding Plaza Arena office which is walking distance to the theatre and the Amsterdam Arena football stadium. The area is well-served by road and rail links and hosts many technology, media and financial firms.
The nine-storey Luna Arena has a total lettable floor area of approximately 15,600m². It is fully leased and serves as the regional headquarters of TMF Group, the professional services firm, and Stryker Corporation, the US medical technology firm.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is a great acquisition for Encore+ fund in an area of Amsterdam where the fundamentals are good and continue to improve. Occupier demand is strong in this district and across the City, we have seen that office investment volumes have remained particularly buoyant in recent years. As a result, we have sought to increase our exposure to Dutch offices and expect this property to deliver strong and stable returns for our investors over the long run.”
