LaSalle Investment Management sells London Strand property for £44 million

LONDON (22 October 2009) - LaSalle Investment Management (“LaSalle”) today announced the sale of its 5 The Strand property in London for £44 million on behalf of a retained pension fund client. The transaction represents an initial yield of 6.5%.

The 6,709m2 property, prominently located next to Trafalgar Square, was developed by the pension fund in 1980 (completed in 1983) and will remain the headquarters office of Land Securities Plc for a further 9 years. 

LaSalle Investment Management Fund Manager Julian Agnew said, "This is an asset where we have recently re-geared the leases with the tenants and therefore have looked to capitalise on the current demand for offices within the West End. We will look to reinvest these proceeds and further monies into assets that have potential for change of use through planning or into multi-let buildings with short leases .Our preference is to work with partners on theses type of situations.”

The purchaser, a private individual, represented themselves and LaSalle Investment management was represented by Jones Lang LaSalle.

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About LaSalle Investment Management

LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $37.5 billion of assets under management (as at Q2 2009) of private and public property equity investments. LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and our clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe.  For more information, visit www.lasalle.com.