LaSalle Investment Management, on behalf of the LaSalle Asia Opportunity Fund II, today announced the acquisition of Shiu Lam Building located at 23 Luard Road, Wanchai, Hong Kong for an undisclosed sum. LaSalle Investment Management is a leading global real estate investment manager with more than US$29 billion of public and private assets under management for leading institutional, corporate and individual investors.
Mr. David Edwards, National Director of Strategy and Research, LaSalle Investment Management said, “This is our third major property investment in Hong Kong and is aligned with our strategy to invest in growth markets offering value-add opportunities at the asset level.”
Shiu Lam Building is a 23-storey commercial building, prominently located on the corner of Luard and Jaffe Roads in the heart of Wanchai’s commercial and entertainment precinct. The ground floor is home to the legendary “Joe Bananas” bar restaurant, which has been a long favoured venue amongst Hong Kong locals and expatriates. LaSalle Investment Management intends to continue the refurbishment and repositioning of the building, including the expansion of the retail facilities.
Mr. Andrew Heithersay, National Director of Acquisitions, LaSalle Investment Management added, “We now have US$3 billion of real estate assets in Asia, of which, approximately US$170 million are in Hong Kong. With an additional $2.5 billion war-chest dedicated for Asian real estate acquisitions over the next 2-3 years, LaSalle Investment Management is actively seeking to buy additional office, retail, industrial, residential and hotel assets throughout Asia”.
Savills negotiated the transaction.