LaSalle Investment Management (“LaSalle”) today announced the sale of 89 & 89a Broad Street, Reading to the Local Authority Mutual Investment Trust (LAMIT).  The sale was made on behalf of the HSBC Bank Pension Trust (UK) Ltd. (“HSBC”).  The transaction represents a net initial yield of 5.54%.

The two retail units, which are located in Broad Street, were converted from a Grade II Listed deconsecrated chapel by Chartwell Land in 1994.  The units are let to Waterstones and Monsoon Ltd.

LaSalle Investment Management Fund Manager Julian Agnew said, "This sale vindicates our strategy to invest heavily in the retail sector over the last two years with yields improving since the start of last year.  We expect this trend to continue with the weight of money wishing to come back into the sector.” 

The Local Authority Mutual Investment Trust (LAMIT) were advised by Lewis & Tucker while LaSalle was advised by Colliers.

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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.