LaSalle Investment Management has acquired a modern residential asset in the centre of Berlin on behalf of the Encore+ Fund. This is the first residential investment since the inception of Encore+ in 2006. Located at Lindenstrasse 73-75b, the residential asset was constructed in 2014 and consists of approx. 200 units, each with a balcony or a terrace, and offers underground parking. It is centrally situated in Berlin’s popular Kreuzberg district, one of the most attractive and lively neighbourhoods in the city with a mix of offices, retail, gastronomy, and cultural attractions. The asset lies in an excellent location, only a short walking distance from Gendarmenmarkt and Checkpoint Charlie.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “We are really happy to continue our asset typology diversification thanks to this acquisition. This is an exciting first residential investment that will provide the Fund with long-term stable income. Berlin’s residential market is highly liquid and offers a very beneficial supply/demand dynamic, with current supply covering less than 1 per cent of actual housing demand.”
Andreas Wesner, Head of Investment for Germany at LaSalle Investment Management, said: “This is the ideal first residential investment for the Fund since it is a modern building in an excellent location in Berlin. In the past months, we have refined the Fund’s investment strategy in the residential segment and Lindenstrasse 73-75b fulfils all our targeted criteria. The asset is a great starting point for building up a portfolio of similar assets for our investors.”