LaSalle Investment Management has assumed sole responsibility for the management of Encore+, the open-ended Continental European real estate fund that has been jointly managed by Aviva Investors and LaSalle for the last 12 years.
'Encore+ is our flagship fund for Europe,' said Simon Marrison, CEO of Europe at LaSalle Investment Management. '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.'
LaSalle said that 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 12 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.
'I am delighted to confirm that LaSalle is now the fund manager of Encore+,' Ironside said. '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.'
He added: 'Since the transaction was announced, the fund has continued to receive additional subscriptions from both existing and new investors.'
Encore+ has been a leading fund in the IPD PEPFI in terms of performance and it was recently named the best performing fund in the index for 2017 on both a one- and five-year basis.