LaSalle Investment Management acquires first residential property for Encore+ Fund

LaSalle Investment Management has made its first residential investment on behalf of its Encore+ Fund, a modern building in the center of Berlin.

Constructed in 2014, the residential asset consists of some 200 units, each with a balcony or a terrace, and offers underground parking. It is centrally situated in Berlin’s Kreuzberg district, which offers a mix of offices, retail, gastronomy and cultural attractions.

The acquisition follows the fund’s strategy to increase its exposure to alternative assets.

“We are really happy to continue our asset typology diversification thanks to this acquisition,” said David Ironside, fund manager of Encore+, LaSalle. “This is an exciting first residential investment that will provide the fund with long-term stable income.”

According to LaSalle, Berlin has seen a major uplift in demand, driven by its success as a hub for digital and creative industries as well as the expansion of government departments returni