LaSalle acquires shopping centre in Melbourne’s northern growth corridor
SYDNEY August 17, 2015 – LaSalle Investment Management (“LaSalle”) today announced that on behalf of Bayerische Versorgungskammer (BVK) it has acquired Summerhill Shopping Centre in the inner Melbourne suburb of Reservoir, approximately 12 kilometres northeast of the city’s CBD.
Located on a high profile corner site and well serviced by Melbourne’s main arterial roadways and a major tram stop providing direct access to the city’s CBD, Summerhill Shopping Centre is a convenience based sub-regional shopping centre covering 16,493m². It is anchored by Coles, Aldi and Kmart, with an additional two mini majors, 28 specialities, four kiosks, three ATMs and three pad sites.
Chris Forbes, Head of Funds Management (Australia), LaSalle, said, “This asset is an excellent long-term investment opportunity for the BVK mandate in Melbourne’s thriving northern growth corridor. It is supported by a vast trade catchment area which is experiencing consistent growth and has an estimated population of 153,000.”
BVK is the Bavarian umbrella pension scheme for self-employed professionals, including doctors, lawyers and architects. It has invested with LaSalle since August 2013 in global, core direct real estate investment opportunities across all property types and selected geographies.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $58 billion as of Q4 2017 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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