LaSalle Investment Management has acquired the Grade-A office building Luna ArenA in Amsterdam South East for the Encore+ fund from local investor PingProperties.
Financial details were not disclosed.
PingProperties acquired Luna ArenA in 2010 from investment bank Blackrock, aiming to reposition and lease the asset. In 2012 PingProperties leased two thirds of the building to TMF, followed by Stryker in 2014. Early this year PingProperties said it finalised its business plan by extending the Stryker lease.
LaSalle acquired the asset by purchasing all the shares in IF Office Fund IV.
Luna ArenA is the fourth Dutch acquisition for Encore+ after previous deals in Amsterdam and Eindhoven. Encore+ is a Pan-European open-ended Core+ Fund, now solely managed by LaSalle after a recent split with Aviva Investors.
The office asset is part of the Plaza ArenA complex and has a total lettable floor area of approx. 15,600 m2 divided over eight floors. Luna ArenA is fully leased and serves as (regional) headquarters of TMF Group and US medical company Stryker Corporation.
PingProperties was advised by JLL (commercial), Loyens & Loeff (legal) and Rechtstaete (fiscal).
Weebers Vastgoed Advocaten, Deloitte and Savills acted on behalf of LaSalle.