CHICAGO (9 July 2008) – LaSalle Investment Management (“LaSalle”) today announced the opening of a new office in Milan, Italy. The Milan operation will be headed by Francesco Coviello, who joins LaSalle as Head of Acquisitions Italy, reporting to Andy Watson, Head of Acquisitions for Southern Europe.
Francesco joins LaSalle from Redevco where he was chief acquisition officer for Italy. Prior to this he held the same position at Henderson Global Investors.
Italy is a strategic location for the LaSalle business and provides a solid footprint in one of Continental Europe’s Big Four markets (France, Germany, Spain and Italy) which collectively account for over two thirds of the population of the Eurozone. The new Milan office represents an opportunity to continue to source deals in the country, particularly in the evolving retail sector where LaSalle has gained valuable experience over the last five years. From 2009, Italy should also benefit from a thaw in the credit crunch, with LaSalle well positioned to leverage that opportunity. In particular, the recently announced decision to hold the 2015 World Expo in Milan should underpin growth in office developement with major infrastructure improvements.
Simon Marrison, Co-Head Europe at LaSalle Investment Management, said: “The new Italian office will consolidate our strong interest in the region. Over the last six years, no fewer than six LaSalle managed funds have invested in Italy as a strategic location, and our eight assets under management in Italy cover the country from Gravellona Toce in the north to Naples in the south. With a local office on the ground we aim to deepen our network to source and close transactions for our clients.”
Andy Watson, Head of Acquisitions Southern Europe at LaSalle Investment Management, comments: “We are delighted to have someone of Francesco’s calibre joining us. He brings with him an excellent network through 20 years of practice in real estate. Francesco has a wealth of international experience as an investor, with transactions closed in all the main sectors of real estate. Francesco will play a vital role in the expansion of our Italian operations, and we look forward to the benefits to clients.
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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 $54 billion of assets under management. LaSalle Investment Management is active across a range of real estate capital and operating markets including private and public, debt and equity. LaSalle Investment Management is authorized and regulated for investment business in the UK by the Financial Services Authority. For more information, visit www.lasalle.com.