Toulouse (November 7, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announces the completion of Quai Saint-Pierre, a senior living development in central Toulouse that was acquired under a VEFA contract in December 2021 on behalf of Encore+, LaSalle’s flagship pan-European core-plus fund.
Quai Saint-Pierre comprises three connected buildings with over 4,500m² in total area, including 89 residential flats and 43 car parking spaces. The property offers excellent amenities to its residents across almost 800m2 of communal spaces, including a restaurant, swimming pool, tea-room with fireplace, library, fitness room, terraces and gardens.
LaSalle Encore+’s acquisition of the asset in 2021 represented the firm’s first senior-living investment in continental Europe and the Fund’s inaugural move into the sector.
The project was fully pre-let at the time of the acquisition from the developer COGEDIM, a subsidiary of the ALTAREA Group. Now completed, Quai Saint-Pierre will be operated by Nohée (previously Cogedim Club), the ALTAREA Group’s integrated senior residence management entity, which led the delivery of the project alongside development project manager Etyo.
Located in the centre of Toulouse, the fourth largest city in France, Quai Saint-Pierre enjoys both an excellent macro and micro location. Toulouse is one of the country’s most attractive urban areas, with its strong transport connections to Paris and temperate climate thanks to its location between the Pyrenees and the Mediterranean. The asset is located in one of the most sought-after, affluent areas of the city along the banks of the Garonne River and will also be well-served by close links to public transport, major road networks and Toulouse-Blagnac Airport.
David Ironside, Fund Manager for LaSalle Encore+, said: “We saw this development as a highly attractive way of increasing LaSalle Encore+’s exposure to alternative property sectors and diversifying our existing asset portfolio. The senior living market is growing as citizens increasingly look to avoid social isolation later in life and reside in higher-quality, fit-for-purpose homes, which fully provide for their needs.”
Jacques-Olivier Gourdon, Deputy Managing Director of LaSalle France, added: “The successful delivery of the project is testament to the skillset of our French asset management team and our strong relationships with partners like Etyo and Cogedim. In the context of increasing land scarcity and intensification of land use, we are very proud to have been able to breathe new life into this brownfield site, which bears witness to the city’s rich industrial past, while at the same time making the most of its remarkable neoclassical architecture.”
The history of the Quai Saint-Pierre site reflects that of Toulouse. Its origins date back to the early Middle Ages, with ship mills, grain mills, pastry mills, and paper makers among the industries established in the area in the 12th century, making the site the city’s first “industrial quarter”. In 1888, the Toulouse Electricity Company transformed the mills into a hydroelectric plant dedicated to public lighting in the city centre. In the 20th century, the site underwent further changes under the leadership of EDF, which took ownership of the power plant and the buildings in 1946. In 2012, a public entity purchased Quai Saint-Pierre with plans to establish the Institute of Political Studies of Toulouse, but the project did not obtain the support of local residents. The site then changed hands again, with the intention of being redeveloped into housing, but after the project stalled, the property was left vacant for several years, until LaSalle secured approval for a senior-living residence in 2021 – marking the latest chapter in Quai Saint-Pierre’s ongoing evolution of uses.
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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 US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 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.
Chicago, London, Singapore (October 21, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces its results from the 2024 GRESB assessment, an industry-recognized global Environmental, Social and Governance (ESG) benchmark for asset managers.
Eighteen of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, participated in the 2024 assessment, of which seven achieved a 5-star rating and five achieved a 4-star rating. Six of the firm’s funds ranked in the top three within their sector peer groups, with both LaSalle Canada Property Fund and LaSalle China Logistics Venture earning first place within their respective sector peer groups.
Those LaSalle funds that achieved a 4 or 5-star rating in the 2024 GRESB assessment are listed below:
Julie Manning, Global Head of Climate and Carbon, LaSalle commented: “LaSalle is committed to delivering upon our clients’ sustainability goals in ways that also drive investment performance, and these impressive results reflect this effort. As performance drivers, sustainability factors are key to our corporate strategy in addition to being a focus throughout our investment process. As such, we will continue to embed sustainability further into each function across our operations and maintain our position as a leader in the industry.”
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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 US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 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.
Paris (September 11, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has agreed a 10-year lease of its landmark office building at 69 Boulevard Haussmann in Paris with FLEX-O, a provider of premium coworking and office spaces. As part of the deal, the building, which is owned by LaSalle’s flagship pan-European core-plus fund Encore+, will undergo a new fit-out, including the replacement of windows, led by FLEX-O and its parent company Groupe Courtin.
The building offers a total lettable area of 6,700 square meters over seven floors and car parking for 95 cars. Situated in a prime location in the heart of the prestigious eighth arrondissement, 69 Boulevard Haussmann offers views of Rue des Mathurins and Rue des Arcades and exceptional transport connections. It is located just 150 metres from Saint Lazare train station and a few minutes’ walk from metro lines 3, 8, 9, 12, 13 and 14, as well as the RER regional express lines A and E. The iconic Haussmannian building is positioned in the capital’s Central Business District and on one of its main shopping streets, close to major department stores.
Scheduled for completion in March 2025, the fit-out of 69 Boulevard Hausmann will transform the building into a modern workspace, combining an outstanding city-centre location with a premium range of amenities, services and technologies. The long-term lease signed with a single tenant reaffirms LaSalle’s ability to provide investors in Encore+ with exposure to high-quality commercial real estate assets in Europe’s leading markets.
David Ironside, Fund Manager, LaSalle Encore+, said: “Hosting FLEX-O at 69 Boulevard Haussmann demonstrates the flexibility of this building to adapt to a variety of uses and layout configurations, as well as the growing tenant demand for centrally located, high-quality offices. FLEX-O’s offering, their eco-responsible approach and experience in creating modern, flexible workspace environments have convinced us to work together to revitalise the attractiveness of this landmark building.”
Christophe Courtin, Founder and CEO of FLEX-O, states: “With this new location on one of the most beautiful boulevards in Paris, within one of its most iconic buildings, we strengthen our presence in the capital and reach a decisive milestone in our development. FLEX-O Paris Haussmann stands out not only for its strategic location but also for its exceptional quality, which reflects our commitment to providing our clients with prestigious and accessible workspaces. We are delighted to be partnering with LaSalle to deliver on our vision of flex-office and coworking, which combines innovation, eco-responsibility and flexibility, meeting the diverse needs of all types of modern companies.”
BNP Paribas Real Estate represented both parties in this transaction.
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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 US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 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.
London (March 11, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has appointed Bouygues Rénovation Privée (“Bouygues”) as the main contractor for the redevelopment of Bergère, a landmark office-led, highly-amenitized workspace project in Paris.
Situated in the 9th Arrondissement, Bergère is in a prime location in the heart of Paris, surrounded by a thriving cluster of companies from across technology, fashion, and financial and professional services. It forms part of a vibrant urban environment with a high concentration of restaurants, bars, shops, department stores, and cultural and leisure facilities. Positioned just 150 metres from the Grands Boulevards metro station, Bergère also benefits from convenient transport links and access to three of Paris’s largest transportation hubs: Gare du Nord, Saint Lazare and Chatelet – Les Halles. The renovated building will have a floor area of approximately 26,850 square meters and was redesigned by the leading French architectural firm PCA-Stream.
Scheduled for completion in Q1 2026, the redevelopment of Bergère will incorporate industry-leading sustainability practices. This will involve a sensitive restoration of the building’s architectural heritage while upgrading the technical equipment to meet operational Net Zero Carbon goals. The project will prioritise the reuse of materials to minimise the projected embodied carbon associated, and the building is targeting a BREEAM Excellent certification, with a 50% reduction in operational CO2e and a 20% reduction in embodied CO2e compared with the benchmark for Parisian office renovations.
The redevelopment will also look to meet future tenant requirements and evolving work trends with high-quality amenities to promote in-person interaction and facilitate a hybrid working, including an auditorium, business centre, bars and restaurants, event spaces and a media broadcast studio.
Marc Fauchille, Head of Development and Repurposing, Europe, LaSalle Investment Management, commented: “We are excited to work together with the experience and expertise at Bouygues Bâtiment Ile-de-France on Bergère, to create an innovative and truly revolutionary workspace in the heart of Paris. Bergère is set to be a prime office-led development in Paris, situated in a highly sought-after location in one of the strongest European markets. The project is already attracting a high level of tenant interest given its quality, location and sustainability credentials.”
Thomas Rousseau, Managing Director of Bouygues Bâtiment Ile-de-France Rénovation Privée, adds: “We are very proud to have been selected by LaSalle Investment Management for this Parisian prime office restructuring operation, which is also listed as a Historic Monument. The teams were particularly driven by the ambition of the project, the technical complexity as well as the challenges in terms of uses and the environment. This success is the result of collective work. Our teams are already mobilized to highlight their expertise and know-how in heritage restoration, our core business. This building is a real showcase for our company in terms of decarbonization, exemplarity and innovation. A big thank you to LaSalle Investment Management and its partners for trusting us with the realization of this exceptional project.
LaSalle acquired Bergère, on behalf of Encore+, its flagship open-ended pan-European fund, in May 2020 from BNP Paribas in a sale-and-leaseback transaction.
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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 approximately US $90 billion of assets in private and public real estate equity and debt investments as of Q4 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.
Marketing Disclaimer: This information 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 information purposes only 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. Please refer to the offering documents Encore+ for detailed information on the risks, reward and performance information of the Fund.
London (January 29, 2024) LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces that Alexandre Arhuis-Grumbach has been appointed to the newly created role of Head of Transactions Europe, Core and Core+ Strategies.
Previously Head of Encore+ Transactions, Alexandre will now oversee all transactions, across LaSalle’s core and core+ commingled funds (including the firm’s flagship Encore+ fund) and custom accounts in Europe.
In his new role, the core and core-plus transactions teams across the UK and continental Europe will report into Alexandre, who will in turn report into LaSalle’s Head of Europe, Philip La Pierre.
Alexandre has worked at LaSalle for more than 13 years, having joined in 2010 as a financial analyst on a pan-European Value-Add fund before becoming an acquisitions manager in France. He earned an MSc in Civil Engineering from the French school ESTP and an MSc in Real Estate Management from Glasgow Caledonian University. He is also a Member of the Royal Institution of Chartered Surveyors (MRICS).
Philip La Pierre, Head of Europe at LaSalle, said: “Alexandre’s newly created role will help drive core and core-plus transactions as the market continues its recovery from the macroeconomic headwinds it has faced. Having worked with LaSalle for well over a decade, Alexandre has been instrumental in the success of our flagship Encore+ fund and we are delighted that a wider range of our clients will now benefit from his transaction expertise.”
Alexandre Arhuis-Grumbach, Head of Transactions Europe, Core and Core+ Strategies at LaSalle, commented: “This is an exciting opportunity to lead LaSalle’s core and core-plus transactions at a critical time, working with a best-in-class team to source and execute transactions in line with our clients’ investment objectives. I am delighted to take on this new role and help ensure that LaSalle continues to expand across the UK and continental Europe, while maintaining its position as one of the world’s leading real estate investment managers.”
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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 approximately US $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.
CHICAGO, LONDON, SINGAPORE (January 15, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has recorded strong sustainability performance results in two industry-recognized global Environmental, Social and Governance (ESG) benchmarks for asset managers.
In the 2023 Global Real Estate Sustainability Benchmark (“GRESB”), 20 of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, have been recognized for their ESG standards. Across the 20 submissions, seven achieved a 5-star rating, up from four in 2022, nine achieved a 4-star rating, and four achieved a 3-star rating. LaSalle China Logistics Venture was ranked 1st place within its sector peer group, and the firm’s average score increased by nearly three points from 82.22 in 2022 to 85.15 in 2023.
LaSalle commingled products recognised within the 2023 GRESB include:
In addition, LaSalle has received updated scores for the 2023 ‘Principles for Responsible Investment’ (“PRI”) Assessment Report, securing four stars in the categories pertaining to Policy Governance and Strategy, Direct – Listed Equity – Active Fundamental, and Confidence Building Measures, as well as achieving three stars for Direct Real Estate.
LaSalle PRI Assessment Report results include:
Julie Manning, Global Head of Climate and Carbon at LaSalle, commented: “LaSalle is committed to improving and delivering upon our clients’ ESG goals in ways that also drive investment performance, and these impressive results reflect this effort. Sustainability factors are key to our corporate strategy in addition to being a focus throughout our investment process. In the year ahead, we will continue to embed sustainability further into each function across our operations and maintain our position as a leader in the industry.”
About GRESB
GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.
About the PRI
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/
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.
London (December 11, 2023) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has secured planning permission to redevelop and refurbish Bergère – a landmark office-led, highly-amenitized workspace project in Paris.
The building is renowned for its striking façade and exceptional architectural features, such as the main atrium and the monumental staircase. Redesigned by the leading French architectural firm PCA-Stream, the redevelopment is expected to complete by Q1 2026 and will have a lettable floor area of approximately 26,500 square meters.
Located in the 9th Arrondissement, in the heart of Paris, the building is in a prime location surrounded by a thriving cluster of companies from across technology, fashion, and financial and professional services. It forms part of a vibrant urban environment with a high concentration of restaurants, bars, shops, department stores, and cultural and leisure facilities. The demand-supply imbalance for office space in the area remains acute, with Paris CBD vacancy at 1.9% compared to a European average of 7.4% as of Q3 2023, according to JLL. The area also boasts excellent transport links, just 150 metres from the Grands Boulevards metro station, providing immediate access to three of Paris’s largest transportation hubs: Gare du Nord, Saint Lazare and Chatelet – Les Halles.
The new development will meet future tenant requirements and evolving work trends, offering state-of-the-art environmental performance ratings with high-quality amenities. These include amenities to promote in-person interaction and hybrid working, including an auditorium, business center, bars and restaurants, event spaces and a media broadcast studio. It will house 442 bicycle parking spaces, with direct access from the street, as well as changing rooms, fitness facilities and 75 EV charging stations. It will also comprise street-facing food and beverage, and a retail unit designated for affordable rent for social impact-related businesses to support the local community. It will also increase the site’s green outdoor space by 50% to more than 2,000 sqm, including a garden, two court yards and two rooftop terraces.
The project will be redeveloped with industry-leading sustainability processes and credentials in mind. This comprehensive development will involve a sensitive restoration of the building’s architectural heritage while upgrading the technical equipment to meet operational Net Zero Carbon goals. It will also prioritise the reuse of materials to reduce the projected embodied carbon associated with the project.
The building aims for a BREEAM Excellent and HQE Excellent certification with a 50% reduction in operational CO2e, and a BBCA (Bâtiment Bas Carbone) targeting a 20% reduction in embodied CO2e compared to existing Parisian office refurbishment benchmarks. It will also target the BiodiverCity label for its increase in green space and biodiversity onsite, and the project has been designed to meet the Décret Tertiaire 2050 requirements.
LaSalle has appointed JLL as principal leasing agent, with CBRE and BNP Paribas.
David Ironside, Fund Manager of LaSalle Encore+, commented: “The refurbishment and redevelopment of Bergère will provide a truly revolutionary workspace in the heart of Paris. The European office market has become polarised, with performance increasingly distinguished by quality, location and sustainability credentials. There is growing demand for centrally-located, recently refurbished assets with superior environmental performance ratings that align with the new standards of tenant expectations. Bergère will meet all these demands, and we are excited to unveil this new development.”
Marc Fauchille, Head of Development and Re-purposing, Europe, LaSalle Investment Management, added: “Central Paris is one of the strongest European office markets, with extremely low vacancy rates and rising demand for the highest quality space. We expect this highly amentizied building will benefit from increasing rental growth due to its outstanding central location and features that appeal to tenants and the people who work, live and socialise in this area. We will also be allocating space to support local social impact-related business, which we hope can make a real positive difference in the neighbouring community.”
LaSalle acquired Bergère, on behalf of Encore+, its flagship open-ended pan-European fund, in May 2020 from BNP Paribas in a sale-and-leaseback transaction.
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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 approximately $78 billion of assets in private and public real estate property and debt investments as of Q1 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.
Marketing Disclaimer: This information 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 information purposes only 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. Please refer to the offering documents Encore+ for detailed information on the risks, reward and performance information of the Fund.
LaSalle Investment Management (“LaSalle”) has continued to deliver upon its environmental, social responsibility and governance (ESG) goals, recording improved performance in two industry-recognized global ESG benchmarks for asset managers.
Within the 2022 Global Real Estate Sustainability Benchmark (GRESB), 18 of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, have been recognized again for their ESG standards, further improving upon the results reported in 2021. Across 18 submissions, the firm achieved four 5-Star, eight 4-Star and six 3-Star GRESB Ratings.
LaSalle commingled products recognized within the 2022 GRESB include:
In addition, LaSalle has also received updated scores for the 2021 ‘Principles for Responsible Investment’ (PRI) Assessment Report, most notably securing a 5-star rating in the Investment & Stewardship Policy score, the only rating that applies across the whole of the firm. 5-star scores are reserved for asset managers that can, “demonstrate leading practices within the responsible investment industry.”
These results come following changes to the PRI’s reporting structure and scoring methodology, which included moving to a star classification system from letter classification.
LaSalle PRI Assessment Report results include:
David DeVos, Global Head of ESG at LaSalle said: “These impressive results evidenced in leading industry benchmarks demonstrate LaSalle’s commitment and expertise in delivering upon our ESG goals. While pleasing to have secured these metrics, reinforcing LaSalle’s status as a leader in responsible real estate investment, we continue to seek opportunities to accelerate our efforts in achieving our long-term targets and achieving superior performance for our clients.”
About GRESB
GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.
About the PRI
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/
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”) will develop Munich’s first hybrid timber office building, in collaboration with ACCUMULATA Real Estate Group (“ACCUMULATA”). The building is being constructed on behalf of Encore+, LaSalle’s flagship pan-European fund.
Situated on Elsenheimerstrasse in the city’s Westend district, the office building will have a floor area of approximately 16,000 m2. With dismantling of the existing building on site already underway and construction due to begin in the third quarter of this year, the project is scheduled for completion during the first quarter of 2024. Lettings are already being marketed in collaboration with CBRE, the lead estate agent.
Designed by the leading Munich-based architectural firm Oliv Architekten, the asset will provide flexible, multifunctional spaces including a ground-floor café/bistro and landscaped roof terrace, as well as various wellness amenities, including a yoga studio and a relaxation lounge. Tenants will also enjoy bicycle parking, electric charging points and a smart underground car parking facility. Furthermore, the building will provide customisable office units and creative collaboration spaces, ensuring the asset is well positioned for the future.
In terms of its environmental credentials, the project meets the highest sustainability standards across all areas, including construction, materials and operations. Having already received a DGNB “Platinum” precertification, the asset will be constructed using concrete reclaimed from the existing building currently situated at this location. All materials used in construction will be documented in a material passport, showing where and how the various components were sourced and installed, ensuring they can be repurposed at the end of their service life. These measures are projected to reduce embodied carbon by up to 25%.
Embodied carbon will be low at 366kg CO2e/sqm, significantly below the RICS Building Carbon Database (offices) average benchmark of 1291kg CO2e/sqm.
The use of timber in the building’s load-bearing structure will ensure that approximately 1,100 tonnes of carbon will remain stored in the building fabric, rather than emitted into the atmosphere. During the course of the asset’s lifespan, emissions associated with the building’s operation will be reduced by 65% in comparison to a typical office building through the integration of a photovoltaic system, efficient heating, cooling and ventilation systems and the use of a ground water heat pump. The building will also harvest and store rainwater, supplying irrigation systems for the benefit of surrounding green areas.
David Ironside, Fund Manager of Encore+ at LaSalle Investment Management, commented: “This is an industry-leading and best-in-class project. The first of its kind in Munich, its design in accordance with circular economy principles and resource-conserving operation will serve as a benchmark in sustainable real estate. Located in one of the most sought-after office submarkets in Munich, the property will be extremely well placed to meet the ever-evolving demands of future tenants around sustainability, quality, amenities and infrastructure, while providing attractive long-term returns for our investors.”
Markus Diegelmann, Managing Partner at ACCUMULATA Real Estate Group, added: “The start of demolition marks an exciting first step in the development of what will be one of the most sustainable office projects in Munich. At ACCUMULATA, we aim to promote the concepts of urban mining and the circular economy within the construction sector and this project is firmly aligned with this objective. By utilising ultra-high-quality and recyclable materials, we are creating an office building that can meet occupiers’ shifting requirements, both in terms of flexible working environments and sustainability standards.”
Georg Illichmann, Managing Director at CBRE GmbH, said: “As the first hybrid timber office building to be constructed in Munich, the project achieves all the modern-day requirements tenants demand from office buildings: easy accessibility to public transport, sustainability credentials and working spaces that promote communication, creativity and innovation. The building’s use of timber, unique to the Munich office market, will not only support the building’s sustainability credentials but also the wellbeing of occupiers. At CBRE, we are proud to be leading on the marketing of this unique asset and be involved in ground-breaking project in the German real estate market as the lead estate agent.”
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”) has completed the acquisition of a fully pre-let senior living property in central Toulouse through a forward-funding agreement with the French developer Cogedim. The transaction has been made on behalf of Encore+, LaSalle’s flagship pan-European fund, and represents the Fund’s first investment in the senior living space.
The acquisition also represents LaSalle’s first investment in senior living in continental Europe and builds upon its expertise in and exposure to the sector in the UK.
With a newly-established Europe-wide Living and Hospitality asset management platform – currently responsible for £3 billion (€3.6bn) of assets, with 13,000 beds across student housing, build-to-rent, senior living, healthcare and hotels – LaSalle is set to grow its presence in alternative sectors across Europe.
Quai Saint-Pierre, the senior living property in Toulouse, will comprise three connected buildings with over 4,500m² in total area, including 89 flats and 43 car parking units. The property will offer excellent amenities to its residents across almost 700m2 of communal spaces, including a restaurant, swimming pool, TV room, library, fitness room, terraces and gardens.
Cogedim Club, the developer’s in-house and senior living management operator, will manage the asset following completion of construction, which is scheduled for Q2 2024.
Located in the city-centre Capitole district of Toulouse, the asset will benefit from its excellent macro and micro location. Toulouse is the fourth largest city in France and one of the country’s most attractive urban areas, experiencing a population growth of twice the national average between 2012 and 2017. The city is well-connected to Paris via a high-speed train line and, located between the Pyrenees and the Mediterranean, enjoys a temperate climate. On a micro level, the asset is situated in one of the most sought-after and affluent areas of the city, positioned right alongside the banks of the Garonne River. The building will be well-served by close links to public transport, major road networks and Toulouse Airport.
Beverley Kilbride, Head of France and Head of Transactions & Asset Management Europe at LaSalle, said: “This is a landmark transaction for LaSalle as we drive forward our strategy to increase our footprint in alternative sectors across Europe. The market fundamentals are very strong in France, and the combination of long-term demographic changes and the shifting needs of Senior Services Residences has fuelled strong investor demand in the senior living sector over recent years. We look forward to strengthening our portfolio in this area.”
David Ironside, Fund Manager for Encore+ at LaSalle, commented: “This forward-funding deal is a significant milestone, marking our first step into the senior living sector. This forms part of our strategy to increase exposure of Encore+ to alternative property sectors, diversifying our existing asset portfolio. The senior living market is growing as citizens increasingly look to avoid social isolation later in life and reside in higher-quality, fit-for-purpose homes, which fully provide for their needs. Given the long-term letting and its pre-let status, the asset will provide secured and sustainable income for the Fund into the future.”
LaSalle was advised on this transaction by Reed Smith, KPMG, ETYO and CBRE. JLL Capital Markets Residential advised the vendor.
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.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has acquired a logistics campus in Venlo, the Netherlands, on behalf of Encore+, the firm’s flagship continental European open-ended fund.
Located in the Tradeport logistics hub in Venlo, the Netherlands’ largest logistics market and a key gateway for the European consumer goods market, the campus is situated at the intersection between the major A67 and A73 highways and is easily accessible via the Hutchinson rail terminal as well as the barge terminal. These direct connections by rail, road and river barge allow quick and easy distribution to Germany, Belgium, and France as well as other parts of the Netherlands. Venlo’s logistics market is characterised by high demand and limited supply and has consolidated strongly during the last five years.
The logistics asset currently comprises eight high-quality warehouse units and an additional warehouse which is under construction is set to be delivered by Q4 2022. This new logistics facility will have a total area of 74,000 m² and will include cutting-edge technical specifications, and strong sustainability features such as LED lighting and solar panel roofing.
David Ironside, Fund Manager for Encore+ at LaSalle, said: “The purchase of this logistics campus in Venlo on behalf of Encore+ expands our footprint in one of the most important logistics markets, not only in the Netherlands but also all of continental Europe. Having already invested in an asset in the area, we are convinced of the market’s increasing importance and potential for continued long-term growth, facilitated by outstanding domestic and international transport links.”
Jérôme Hamelin, Head of Transactions, Western Continental Europe at LaSalle: “This purchase exemplifies our investment strategy of targeting prime logistics assets in Europe in sought-after and top-of-the-range markets. The combination of strong ESG credentials, state-of-the art building specifications and compelling market fundamentals singled this asset out as a particularly compelling investment proposition.”
LaSalle was advised on the acquisition by Solid Attorneys (Legal), Arcadis (Technical & Environmental), Deloitte (Tax) and Savills (Commercial). The vendor was advised by CMS (Legal & Tax) and TLF Real Estate (Commercial).
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.
LaSalle Investment Management (“LaSalle”) has acquired Verona DC1, a fulfillment center located in Verona, Italy, a center of strategic importance connecting northern and southern Europe. The asset was acquired on behalf of Encore+, LaSalle’s flagship pan-European fund, from DeA Capital Real Estate SGR, through Fondo Logita, on behalf of SEGRO European Logistics Partnership (“SELP”).
The state-of-the-art e-commerce distribution hub was built in 2019 by Vailog (a SEGRO Group Company) and comprises a lettable area of 128,000 sqm split across a ground floor area, mezzanine spaces and office and service areas. Built to the highest environmental and technology standards, the hub achieved a DGNB Platinum level certification, which recognises the environmental, economic, sociocultural, functional and technical quality of assets.
The distribution hub is situated within the economic powerhouse belt of northern Italy, which serves as a strategic gateway to the southern European market. Located in Verona, the hub benefits from excellent links to road networks connecting to France and Austria, as well as access to the European route E45, the longest north-south route in Europe. Italy has the second largest manufacturing industry in Europe and its logistics market enjoys strong fundamentals and growth prospects, due to the expected doubling of e-commerce penetration in the country by 2024.
The asset is leased to the Italian subsidiary of one of Europe’s leading online fashion retailers. As a major market player, the company has demonstrated sustained commitment to the centre by installing advanced automation and sortation systems at the site, alongside agreeing a long-term tenancy agreement.
David Ironside, Fund Manager for Encore+ at LaSalle, said: “Verona DC1 further increases the exposure of Encore+ to the fast-growing European logistics market. The transaction comes at an opportune moment as we continue to enhance our portfolio by identifying strategic assets that sustain strong and stable returns for our investors.”
Francesco Coviello, Head of Transactions for Southern & Central Europe at LaSalle, added: “This logistics asset is truly best-in-class, with outstanding ESG credentials in a market with compelling fundamentals. This latest addition to the portfolio comes off the back of recent successful acquisitions undertaken on behalf of Encore+ across continental Europe. We look forward to continuing to grow our exposure to exceptionally attractive logistics assets.”
LaSalle was advised on this transaction by K&L Gates (legal), Studio Pirola (tax), JLL (buy-side advisory) and SPI Italia (technical and sustainability advice).
SELP was advised by Apollo & Associati (legal), Nephos and CBRE (technical), CBRE (sell-side advisory) and KPMG (tax).
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.
