The 20,371-square metre property is 100 percent let to tenants including Deutsche Bank, HERE Europe and Taylor Wessing.
Located in Kennedytoren, the city of Eindhoven, the 23-storey office sits adjacent to the main railway and is close to the city’s shopping area.
The office holds a Building Research Establishment Environmental Assessment Method (BREEAM) rating of “very good”.
According to Encore+, the 11-year old fund continues to grow in capital raising and deployment and has achieved a three-year annualised return is over 9.2 percent.
The the pan-European open ended core-plus fund is co-managed by Aviva Investors and LaSalle IM, as fund manager and asset and transition manager, respectively.
Jeffrey King, fund manager for Encore+ at Aviva Investors, said: “This acquisition represents a strong fit for Encore+, particularly as we continue to increase exposure to BREEAM-rated properties across Europe.”
“With falling supply, low vacancy and a growing local economy, Eindhoven represents a growth location in the Netherlands and has become one of the most important technological regions in Europe. The asset offers stable income and strong potential for future valuation.”
David Ironside, chief investment officer at LaSalle IM, said: “The fund already owns one Dutch office in the Amsterdam South Axis (Eurocentre II, acquired in 2016) which has performed extremely well for the fund to date and together with the Venlo logistics asset, Kenndeytoren provides Encore+ with a diversified exposure to the Dutch market.”