LaSalle acquires student accomodation asset in Bristol for £33.5M
October 27, 2014 - LaSalle Investment Management, the leading global real estate investment manager, has purchased a student accommodation asset in Bristol, King Square Studios, on behalf of a fund in an off-market transaction from The Homes Partnership Bristol
LaSalle and Panattoni plan to develop two state-of-the-art Class-A distribution centers totaling 416,000 square feet on the property, to be named Jones Corporate Park, which is located at the northwest corner of Sunset Road and Jones Blvd. Paul White, Managing Director, LaSalle, said: “The Las Vegas industrial market has shown considerable strength during the last 18 months with significant demand and no new supply. Panattoni identified this site which is located in the Southwest Submarket, the largest submarket in Las Vegas, and adjacent to the Las Vegas Strip. We expect to commence construction in the first quarter of 2015.” According to LaSalle’s Research & Strategy team, the availability rate for industrial supply has fallen by 2.2 percent since the fourth quarter of 2012 and 4.2 percent since 2010. In addition, rent growth is projected to increase nationally over 3 percent annually, with higher forecast rental growth in top markets as compared to long-term averages. The increasing popularity of internet retailing and a focus on improving supply-chain efficiencies by larger multinational retailers is also positively impacting demand for industrial real estate.