Seoul (August 19, 2024) — LaSalle Investment Management Co., Ltd. (“LaSalle Korea”), on behalf of its Korea logistics investment joint venture with a Middle Eastern sovereign wealth fund (“the Joint Venture”) as well as LaSalle Asia Opportunity Fund VI (“the Fund”), has acquired two dry-only logistics facilities in Anseong within Greater Seoul with a combined gross floor area (GFA) of 385,946 square meters, at a purchase price of approximately US$450 million (or KRW5.3 million per pyung).

The two facilities are located next to each other and are built with modern warehouse specifications including spacious yards for its tenants and direct ramp access to each floor with leasable area efficiency of approximately 99%. The latter is a distinct feature for the facilities, compared to other similar sized warehouses designed with circular ramps which significantly reduces net leasable area.

• Center-A, with GFA of 187,226 square meters was completed in June 2023 with 100% occupancy and Weighted Average Lease Expiry (WALE) of 4.35 years.
• Center-B, with GFA of 198,718 square meters was recently completed in July 2024 and also has 100% occupancy with WALE of 4.55 years.
• Across Center-A and Center-B, which will be renamed Logiport Anseong Center-I and Logiport Anseong Center-II respectively, there are four institutional tenants representing established companies in their respective industries, including semiconductor, pharmaceutical, beauty and consumer goods.

This transaction follows the acquisition of two logistics facilities in Icheon made by LaSalle Korea last year, also on behalf of the Joint Venture and the Fund. LaSalle Korea also divested a separate cold storage warehouse project this year for KRW10.4 million per pyung after completing ground-up development and stabilizing leasing on the asset.

Steve Hyung Kim, Senior Managing Director and Head of Korea, commented: “The logistics sector continues to be one of the most dislocated property types requiring a high level of deal selectivity. LaSalle Korea’s recent acquisitions represent unique opportunities to invest in newly-built modern warehouses with full occupancy by institutional tenants, purchased at well below replacement costs. LaSalle Korea also plans to upgrade and implement new sustainability initiatives across these two investments which total over 4.15 million square feet in GFA.”

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About LaSalle Investment Management  |  Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over US $87 billion of assets in private and public real estate equity and debt investments as of Q1 2024. 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. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

Seoul (July 30, 2024) — LaSalle Investment Management Co., Ltd. (“LaSalle Korea”), on behalf of LaSalle Asia Opportunity Fund VI (“the Fund”) and a local co-investor, was awarded an office site in Seoul after submitting the winning bid in the 5th round of a non-performing loan (NPL) collateral auction. The winning bid price of approximately US$115 million represented a 33% discount to its appraised value. The land site is walking distance from Gangnam Station within the Gangnam Business District, with existing zoning to allow development of a new office with planned GFA of over 29,000 square meters. The project cost upon completion is estimated to be approximately US$245 million.

This acquisition marks the Fund’s second foray into the office market in Korea following a high-yield loan deal last year to bridge finance a 10-storey office project in Seoul’s Seongsu district. This collateralized loan was priced during a period of credit spread dislocation and was successfully repaid on its maturity date in December 2023, allowing the Fund to exit its first opportunistic debt investment in Asia Pacific.

Amongst key gateway city office markets globally, Seoul’s Gangnam office district continues to display post-pandemic resilience supported by both occupier demand and capital markets liquidity. According to JLL REIS and JLL Korea Research, as of Q1 2024, the office vacancy rate in Gangnam was 0.3%, the lowest compared to the two other business districts in Seoul with net effective rents also registering the highest year on year increase compared to the other business districts.

Steve Hyung Kim, Senior Managing Director and Head of Korea, commented: “Opportunistic investing in a higher cost of capital environment has forced us to be patient and also creative in how we source attractive entry points to our acquisitions. On behalf of our investors, we recently closed on recapitalizations, private off-market sales, and collateral acquisitions from NPL auctions like this recent transaction which capitalizes on both Gangnam’s strong office fundamentals, as well as a lowered project cost basis due to a legacy borrower and junior lender getting foreclosed. Larger sized office sites in Gangnam have retained scarcity value and this latest project from LaSalle Korea will introduce modern designs and sustainability initiatives to which we are very excited about.”

End

About LaSalle Investment Management  |  Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over US $87 billion of assets in private and public real estate equity and debt investments as of Q1 2024. 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. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

SEOUL (February 21, 2024) — LaSalle Korea has been named by The Korea Economic Daily (KED) as best asset manager for operational excellence in the real estate large cap category. This is the second year in a row that LaSalle Korea is receiving this accolade.

The operational excellence award recognizes a GP for outstanding risk management, communication and key person employment.

Winners are determined based on an annual survey of Korean investors, including pension funds, sovereign wealth funds, mutual funds, insurance companies and major banks, conducted by KED, a top-tier business news media.

Steve Hyung Kim, Senior Managing Director and Head of Korea for LaSalle, said: “It is our honor to receive this award for two years consecutively. We are grateful for the partnership and support of all our clients and investors who make this recognition possible.”

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate equity and debt investments as of Q3 2023. 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.

For more information, please visit www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

SEOUL (January 30, 2024) — LaSalle Investment Management (“LaSalle”) announced that it has recently exited two investments in South Korea on behalf of LaSalle Asia Opportunity Fund V (“LAO V”) and LaSalle Asia Opportunity Fund VI (“LAO VI”).

The first deal was an exit of a real estate secured debt investment in the LAO VI portfolio which was repaid in December 2023, producing opportunistic equity returns. The loan was originated during market dislocations in early 2023 when credit spreads widened presenting this non-distressed lending opportunity. The loan was secured by a Grade A location land site entitled to develop a 10-storey office building with planned GFA of 6,480 pyung (21,421 sqm) in Seongsu District, Seoul. The borrower had a track record of developing, leasing and selling similar developments as Seoul’s office market continued to be resilient.

Steve Hyung Kim, Senior Managing Director and Head of Korea for LaSalle, commented: “We are actively responding to recapitalization situations in selective projects to invest in preferred equity or secured junior debt. These types of investments are cyclically-driven and offer a balance of both downside protection and attractive risk-adjusted returns especially in the current environment. Aligned with this strategy, we are pleased to exit this investment with opportunistic returns for our limited partners in LAO VI.”

In the second deal, also in South Korea, LAO V completed the sale of Logiport Osan at a price of KRW125.0 billion (approximately US$95.1 million) in January 2024. Strategically located directly off the Gyeongbu Expressway (Expressway #1), one of the primary national expressways in South Korea, Logiport Osan offers its logistics occupiers exceptional accessibility throughout Greater Seoul. Logiport Osan is a 4-story mixed-use modern warehouse with GFA of 12,078 pyung (39,927 sqm) and the project was pre-leased prior to completion in December 2022.

Kim commented: “Logiport Osan was executed by LaSalle Korea in-house from land acquisition, to leasing, to managing the disposition. We are pleased to exit this investment and deliver opportunistic returns for our limited partners in LAO V.”

LaSalle operates in Korea as a licensed asset management company managing over KRW1.67 trillion in AUM (as of Q3 2023) on behalf of both domestic and international clients.

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate equity and debt investments as of Q3 2023. 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.

For more information, please visit www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has raised over US$2.2 billion of equity for LaSalle Asia Opportunity VI (“LAO VI” or “the Fund”), including sidecars and co-investment programmes, exceeding its initial target of US$1.5 billion. The committed capital has been secured from global institutional investors and will provide buying power for over US$7 billion worth of assets.

LAO VI is the sixth in LaSalle’s closed-ended, opportunistic fund series focusing on Asia Pacific. In keeping with its predecessor funds, LAO VI seeks to take advantage of mispriced assets with opportunities to add value through repositioning and redevelopment in Asia Pacific’s key markets including Australia, China, Hong Kong, Japan, Korea and Singapore, having invested approximately 25% of committed capital so far in a diversified portfolio. To date, the LaSalle Asia Opportunity Fund series has invested in over US$13 billion worth of assets. In the last 10 years, the average asset returns generated by the series have exceeded its target of 18% net IRR.

The fund’s investment strategy is led by Kunihiko (Nick) Okumura and Claire Tang in their expanded roles as Co-Chief Investment Officers of LaSalle Asia Pacific, which they assumed in 2021 after former Asia Pacific CEO and CIO Mark Gabbay became LaSalle’s Global CEO. With over 40 years of real estate experience between them, Nick and Claire continue to provide steady leadership and build momentum for the growth of LaSalle’s business in the region.

Globally, LaSalle has established itself as a significant player in value-add investment strategies and continues to expand its capabilities in this area. “We are focused on bolstering our platform in this strategy across all regions where we operate, to meet the continued investor demand for enhanced alpha throughout market cycles,” commented Mark Gabbay, Global Chief Executive Officer.

Keith Fujii, Head of Asia Pacific, commented: “The LaSalle Asia Opportunity Fund series offers investors access to a region with healthy market fundamentals and risk-return diversification opportunities afforded by varying market cycles, backed by the expertise and experience of LaSalle’s long-standing Asia Pacific platform which has been operating since 2000.”

Marc Montanus, Fund Manager for the LaSalle Asia Opportunity Fund Series, added: “We are pleased to have raised over US$2.2 billion for LAO VI and to have again exceeded our initial target for the Fund, especially against the economic headwinds brought by the pandemic over the past two years. This is testament to our investors’ confidence in LaSalle’s excellent track record in deploying capital and generating strong investment performance for our clients.”

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

Heightened geopolitical risk, persistent high inflation, and a possible recession will place European real estate under acute pressure in H2 2022. However, the asset class is expected to continue to provide longer-term stability for core investors via carefully curated portfolios, as well as offering new opportunity for investors seeking value-add returns – according to the mid-year 2022 edition of the Investment Strategy Annual (“ISA”), the report published by global real estate investment manager LaSalle Investment Management (“LaSalle”).

Europe is facing a macroeconomic environment rendered fragile by supply chain issues, a hot war on the region’s periphery and a squeeze on consumers’ disposable incomes. As a result, LaSalle expects real estate investors to adopt a much more cautious approach in the second half of 2022. However, while inflationary pressures have surged, and interest rates have increased earlier and more quickly than expected, real estate assets can act as a hedge against inflation in cases where landlords have pricing power. Fundamentally, this will manifest for investors with the best assets in the right locations, where supply-demand imbalances underpin rental growth.

Furthermore, in an uncertain environment, investors seeking higher returns can expect to benefit from dislocation and opportunities to repurpose assets. Off-market or value-add opportunities could potentially offset the effect of rising operating expenses, construction costs and interest rates, either through building-specific renovation or repositioning to achieve occupancy improvement or rental uplift. 

Long-term resilience will be underpinned by careful stock selection. Although European real estate markets have been impacted by global headwinds, pockets of opportunity persist for investors across each sector.  

Retail rebound postponed

In retail, the post-Covid recovery has been shaken by the impact of inflation on consumer discretionary spending power. Bricks-and-mortar retail warehouses have, however, remained resilient due to the non-discretionary nature of underlying demand for grocery anchors and their convenience offer. But fundamental challenges for European shopping centres and high-street retail is expected to persist, despite destination shopping continuing to remain an integral part of the retail experience in the long term. We remain optimistic on the outlook for outlet centres, which are set to benefit from increasing consumer frugality.

Office sector ‘trifurcation’

As with retail, the office sector is experiencing occupier and investor needs varying greatly by the quality of asset and micro location. Experientially rich buildings in prime locations that meet sustainability standards and benefit from high-quality amenities will continue to attract demand. In addition, with the pathway to Net Zero Carbon in mind, the age and quality of existing stock in European markets presents an opportunity to create the offices of the future, particularly through refurbishment. However, there is a growing range of older stock which is likely to be stranded and should be sold at – or at times even below – current valuation before liquidity dries up.

Logistics demand story remains intact

Logistics has not been immune to recent market shocks and the ongoing cost-of-living crisis. A slowdown in take-up by major occupiers marks a change from many years of continued expansion. However, LaSalle believes that the sector remains in a robust position to grow in the coming months. European logistics properties recorded the highest demand for new space ever in H1 2022, driven by continuous e-commerce expansion, as well as just-in-case inventories and the nearshoring of some manufacturing activity. As a result, vacancy rates are at historical lows, and we remain confident of future prospects for European logistics rental growth.

Living strategies’ prospects at risk of divergence

The living sectors remain underpinneD by strong demand drivers including robust household formation, growth in key cities, an ageing population, increasing mobility and a structural undersupply across Europe. However, potential home buyers may tilt toward renting, owing to the rising cost of debt. For the more niche living sub-sectors, such as student housing and senior housing, investors will need to be ahead of the curve to take advantage of attractive pricing.

Finding value across the yield spectrum

With the European landscape evolving quickly, assessing the prospect for various sectors requires consideration of assets’ pricing yield levels and income growth potential.

LaSalle’s framework finds that for low-yield sectors with excellent fundamentals, like logistics, prime low-carbon offices in key cities and unregulated residential, valuations will hinge on the potential for and relative magnitude of future rental growth and an upward shift in yields. In low-yielding sectors where inflation cannot be offset by rental growth, caution must be exercised until markets stabilise.

Although higher-yielding sectors with challenged fundamentals are intuitively those in which value may be identifiable, recent concerns around economic growth have made their impact felt. The nascent retail recovery, for instance, is at risk from inflationary pressure on real incomes, while capex-intensive strategies to renovate buildings are affected by rising construction costs. Meanwhile, sectors with relatively higher yields and stronger net operating income growth potential – namely alternative living sectors, such as student accommodation or senior living – continue to remain attractive.

Brian Klinksiek, Head of European Research and Global Portfolio Strategies at LaSalle, said: “The past six months have seen macroeconomic headwinds and geopolitical risk affect the global economic outlook. European investors should therefore exercise caution in the coming months until market valuations and asset pricing stabilise. But despite this, real estate will remain an anchor as other asset classes struggle, and investors look for predictability. Underpinned by the long-term resilience of the asset class, careful portfolio construction across the key sectors of European real estate can continue to deliver the benefits of diversification, stability and long-term income growth for investors.”

Jacques Gordon, Global Head of Research and Strategy at LaSalle, added: “Real estate generally provided shelter during the waves of volatility that swept through the securities markets in the first half of the year. In the second half, we foresee different dynamics unfolding. The big change has been the sharp rise in inflation in Western countries and a “regime shift” from highly accommodative to tightening monetary policies by several central banks. Many world events simultaneously contributed to this inflection point including: the re-opening of economies after COVID-19, Russia’s invasion of Ukraine, trade wars, and government stimulus spending. Although these pressures were building in 2021, there is no escaping the fact that the financial and commodity markets shifted sharply in the first half of 2022. Our guidance for investors to seek inflation protection in real estate is a focus-theme of our mid-year update.”

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

Market direction and economic outlooks have shifted since the start of 2022, with elevated inflation, slowing economic growth, and higher interest rates impacting the real estate market. According to LaSalle’s 2022 Mid-Year Investment Strategy Annual (“ISA”), the overall market shifts are causing real estate investors to re-visit earlier strategies as they understand and react to higher inflation, the Fed’s and the Bank of Canada’s rapid interest rate increases to combat it, and global geopolitical and economic upheaval.  

LaSalle clients can view the full report at: www.lasalle.com/research-and-insights/isa-2020

In North America, the impacts of inflation and rising rates on real estate are nuanced, and require an understanding of each sector’s fundamentals, which the report explores. Coming into 2022, LaSalle Research & Strategy noted that the pandemic and its ensuing economic ripple effects had accelerated pre-pandemic trends, widening the gap between favored and non-favored property types. The mid-year report shows these trends are continuing as investors gravitate to favored property types with strong underlying fundamentals. Looking ahead, there is uncertainty in the market, but it appears as though the favored property types are well-positioned to withstand a potential economic slowdown.

Jacques Gordon, Global Head of Research and Strategy at LaSalle, said: “Real estate generally provided shelter during the waves of volatility that swept through the securities markets in the first half of the year.  In the second half, we foresee different dynamics unfolding. The big change has been the sharp rise in inflation in Western countries and a “regime shift” from highly accommodative to tightening monetary policies by several central banks. Many world events simultaneously contributed to this inflection point including:  the re-opening of economies after COVID-19, Russia’s invasion of Ukraine, trade wars, and government stimulus spending.  Although these pressures were building in 2021, there is no escaping the fact that the financial and commodity markets shifted sharply in the first half of 2022.  Our guidance for investors to seek inflation protection in real estate is a focus-theme of our mid-year update.”
 

Select 2022 Mid-Year ISA findings for North America include:

• In line with the full-year ISA’s prediction, favored property types including industrial, multifamily, medical office and single family rentals continue to have strong fundamentals and outperform on a relative basis. Industrial development and transactions continue as there remains a supply gap and businesses who lease these spaces continue to show they can continue to pay rents, even as they increase. The residential property types also have a strong outlook. As interest rates rise and inflation impacts housing starts, many would-be homebuyers may look to rent.
   
• The debt markets remain liquid, providing the capital needed to finance transactions. While the Mid-Year ISA expects a slowdown in transactions, debt funds, life insurance companies and banks continue to lend to strong, established sponsors. Meanwhile, CMBS issuance has slowed, and higher interest rates mean highly leveraged borrowers are less competitive bidders for property. For borrowers, leverage is less accretive than last year, but many are still using leverage with the belief that future income growth will make leverage accretive to returns over their hold period.
   
• The report also looks at capital flows as barometer of market health, and notes that NAV REITs continue to raise capital, as retail investors start to establish a portfolio allocation to real estate and diversify amid a volatile market environment. While many closed-end funds still have dry powder from previous capital raises, new institutional capital raises appear to have slowed slightly as established investors have reached their target allocations after playing catchup over the last several years.
   
• Transaction volume in the first quarter of the year was higher than the first quarter of the prior year. US transaction volume last quarter was $157.6 billion, 76 percent higher than a year ago. In Canada, USD $10.7 billion traded in last quarter, representing a 71 percent year-over-year increase. The report estimates that pricing has adjusted downward from a peak in the first quarter of 2022 by a range of 0-15 percent depending on market segment, giving back a portion of the gains from the last 12 months. Though second quarter data is not yet available, anecdotally it seems transactions have slowed amidst shifting pricing and broader uncertainty. However, a bid-ask gap has not developed as buyers and sellers have been willing to accept similar price declines.
   

Rich Kleinman, Americas Co-CIO and Head of US Research & Strategy at LaSalle, said, “While it remains to be seen how inflation and interest rates will evolve in the second half of the year, it is our view that many property types are well-positioned to support investor goals in the months ahead, and that real estate exposure should play a productive role in investors’ portfolios. Experience in recent downturns is also helping investors and lenders navigate the uncertainty, which should bode well for the industry as a whole.”

Chris Langstaff, Head of Research and Strategy for Canada at LaSalle, said, “Canada is historically a stable market, and it appears that while many of the same headwinds apply, fundamentals remain strong and transactions in many property types are moving forward.”

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) today announced that after 28 years of distinguished service and leadership of the Research & Strategy group at the firm, Jacques Gordon has confirmed he will retire from the business at the end of 2022 in to order pursue interests in higher education. He will remain as the Global Head of Research & Strategy through the remainder of this year, and will be succeeded by Brian Klinksiek, LaSalle’s current Head of European Research & Global Portfolio Strategies, effective 1 January 2023.

Brian will continue to be based in London and will join LaSalle’s Global Management committee, reporting to CEO Mark Gabbay. Succession for Brian’s Head of European Research & Strategy role is in process and will be announced prior to his transition to global leadership in 2023.

LaSalle Global CEO Mark Gabbay said, “This transition reflects LaSalle’s continued focus on thoughtful leadership succession, offering both continuity along with fresh ideas to be infused across the organization. We are grateful for the numerous contributions Jacques has provided LaSalle and the broader industry over the course of his career, and look forward to recognizing these accomplishments in the months ahead. Brian’s professional experience positions him well to take on this role, having lived, worked, and covered the real estate markets in North America, Europe and Asia-Pacific.”

After joining LaSalle in 2020, Brian led the reorganization of LaSalle’s European Research & Strategy team from a geography-focused model to a more dynamic pan-European sector-focused model. He has deepened the Research & Strategy team’s integration within the firm’s newly formed European Debt & Value-add platform, and also led the creation of LaSalle’s global investment risk management function. Brian has been a leading industry advocate for the incorporation of climate risk analysis into investment-making decisions, and is a champion for DEI in the workplace, having been appointed Chair of LaSalle’s European DEI committee in 2021.

Brian Klinksiek, incoming Global Head of Research & Strategy said, “It is an honor to be named the next leader of LaSalle’s world-class Research & Strategy team. Jacques has done a remarkable job establishing LaSalle’s reputation for timely insights, accurate forecasts, and impactful strategy that is fully integrated with the investment process. He has been a role model for me throughout my career – even before I joined the firm. I am thankful for his guidance and partnership, and look forward to continuing to seek his counsel as he moves into academia.”

Jacques Gordon, retiring Global Head of Research & Strategy said, “I am grateful for the experiences, insights and friendships I’ve gained during my time at LaSalle. Our Global Research & Strategy team is well-positioned to continue to deliver great value to our clients and investment colleagues around the world, and Brian is the right leader to drive the next phase of innovation and growth. I look forward to seeing the firm prosper as I transition to the next chapter of my career.”

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

JLL (NYSE: JLL) has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2022 World’s Most Ethical Companies. For the 15th consecutive year, JLL has been honored for demonstrating exceptional leadership and a commitment to business integrity through best-in-class ethics, compliance and governance practices. 

In 2022, 136 companies from 22 countries and 45 industries were honored. Of these, JLL is one of only four honorees in the real estate industry and one of only 12 that have been on the list 15 times or more.

LaSalle is a wholly owned subsidiary of JLL and is proud to share in this achievement.

Read more about this award on JLL.com

SINGAPORE (April 25, 2022) — LaSalle Investment Management (“LaSalle”) is pleased to announce it has earned the WELL Health-Safety Rating on 41 logistics and commercial properties in Asia Pacific through the International WELL Building Institute (“IWBI”). They include 8 properties in Australia, 16 properties in China, 16 properties in Japan and one property in Singapore.

The WELL Health-Safety Rating is an evidence-based, third-party verified rating for all new and existing building and space types focusing on operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment now and into the future. Designed to empower owners and operators across large and small businesses alike to take the necessary steps in order to prioritize the health and safety of their staff, visitors and stakeholders, the WELL Health-Safety Rating can help guide users in preparing their spaces for re-entry in the wake of the COVID-19 pandemic, instilling confidence in those who come through the building as well as the broader community.

Keith Fujii, LaSalle Head of Asia Pacific, said: “By embracing the WELL Health-Safety standard across our Asia Pacific portfolios, we are taking a further step to create a safe and considerate environment for our tenants and their customers. This achievement reiterates LaSalle’s commitment to investing in and managing assets that have a truly positive impact on public health and safety.”

Tom Miller, LaSalle Head of Development and Sustainability, Asia Pacific, added: “We are looking forward to working with IWBI to extend this certification program to many more of LaSalle’s assets in Asia Pacific in the future.”

In order to achieve WELL Health-Safety Rating, the properties implemented features such as improved air and water quality management, health service resources, emergency preparedness programs, enhanced cleaning and sanitation procedures, and increased stakeholder engagement and communication.

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

JLL (NYSE: JLL) has been again named to Fortune magazine’s World’s Most Admired Companies list. The list is a major authority on corporate reputations compiled each year by Fortune and Korn Ferry through a survey of 3,820 executives, directors and securities analysts. This year, JLL was recognized for social responsibility, global competitiveness and quality of management. 

“JLL’s purpose is to shape the future of real estate for a better world, working in close partnership with our clients and all our stakeholders,” said Christian Ulbrich, JLL CEO. “We are therefore very proud to again be included on Fortune’s list of the World’s Most Admired Companies.” 

LaSalle is a wholly owned subsidiary of JLL and is proud to share in this achievement.

Read more about this award on JLL.com

LaSalle Investment Management (“LaSalle”) announced its completion of the acquisition and leasing of Logiport West Anseong located in Anseong City, South Korea. The project’s gross floor area is 14,146 pyung (approximately 503,400 sq.ft.) and the construction was completed in December 2018.

Logiport West Anseong Highlights:

• High specification logistics facility with four-storeys of storage floors and a mezzanine floor for office use.
• 64% of gross floor area is dry storage compartments, 36% was designed for temperature-controlled storage.
• Project was significantly pre-leased from tenant demand prior to construction.
• Project has multi-tenants, anchored by the largest third-party logistics service provider (by revenue) in South Korea.
• Project has truck access to each floor without circular ramps or elevators for direct loading and unloading.
• Located in western Anseong, approximately 70 minutes from Gangnam Business District and directly near expressways for connectivity throughout Gyeonggi Province.

Steve Hyung Kim, LaSalle Investment Management Senior Managing Director, Head of Acquisition & Asset Management – South Korea commented, “We are pleased with the acquisition and leasing completion of Logiport West Anseong, LaSalle’s first warehouse investment with temperature-controlled storage capabilities in South Korea. We believe the growth in e-commerce and logistics service provider sectors will continue to drive occupier demand, especially for the higher quality modern warehouses in “last mile” locations. We plan to selectively develop and acquire additional logistics facilities going-forward.”

Se Hwan Oh, LaSalle Investment Management Senior Vice President, Development & Asset Management – South Korea said, “We are excited with the acquisition of Logiport West Anseong, a four-level modern mixed-use logistics property with truck access to all floors built to a high specification. With a healthy leasing market as well as the quality and location, it was significantly pre-leased with a well-diversified sector mix. We see continued demand for cold storage space in the market, and look forward to supporting the needs of our customers.”

As of today, LaSalle manages approximately US$3.9 billion AUM in industrial assets across the Asia Pacific region.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.