LaSalle closes £120M UK PRS residential fund

LONDON December 15, 2015 – LaSalle has closed its first UK PRS Residential Fund with an aggregate £120 million of capital committed.

LaSalle is currently focusing on the residential build-to-rent market, and expects to invest in excess of £500m in the sector within the next few years on behalf of its institutional clients, through the Fund[1] and other investment vehicles. Managed by LaSalle’s highly experienced residential team, the LaSalle UK PRS Residential Fund aims to create a diversified national portfolio of residential market rental properties with a mix of income producing and new-build assets focused on providing excellent levels of customer service.

Andrew Stanford, UK Residential Fund Manager, LaSalle Investment Management commented:  “We expect continued strong demand in the residential private rented sector (“PRS”). Growing demographic pressure and a shortage of supply is driving housing requirements and we expect significant growth. Returns in UK PRS compare favourably with core commercial real estate.”

Alan Tripp, Head of UK, LaSalle Investment Management, added: “The LaSalle UK Residential PRS Fund reflects our strategy of focusing on high quality residential stock. The sector is expected to become an integral part of institutional investors’ portfolios and holds a significant focus for LaSalle in the next few years - our long term ambition is for 10-15% of UK assets under management to be allocated to the build to rent sector.”

LaSalle has been investing in the UK residential markets since 1999 and currently has around $5 billion of residential assets under management globally on behalf of long-term institutional investors.

 

[1] Within the European Economic Area (EEA), the LaSalle UK PRS Residential Fund is only available to professional investors in EEA member states where marketing has been registered or authorised in accordance with local requirements.  A full list of the relevant EEA member states is available from LaSalle on request.