London and Zurich (February 5, 2024) – LaSalle Investment Management and Swiss Life Asset Managers complete a joint venture focusing on the German logistics market. The venture will recapitalise a €320 million seed portfolio of five grade-A fully let logistics assets contributed by Swiss Life Asset Managers and seek to acquire and develop additional logistics assets. Swiss Life Asset Managers will act as the asset and investor-developer manager and the insurance arm of Swiss Life will retain a minority equity stake in the aggregate portfolio.
The five seed assets, across the Rhein-Ruhr, Koblenz and Zwickau regions, have a total lettable area of 236,000m² with 100% CPI-indexed rents.
This investment presents LaSalle with an opportunity to partner with a best-in-class manager in a preferred sector, overseeing a portfolio of exceptional award-winning, state-of-the-art logistics assets in the robust German logistics market. The partnership is set to leverage Swiss Life Asset Managers’ fully integrated logistics platform and benefit from the sustained high demand for logistics assets in key trading and transport hubs across continental Europe.
Mathias Malzbender, Managing Director, LaSalle Global Solutions, commented: “This investment and partnership with Swiss Life Asset Managers, a leading institutional real estate developer and manager, provides us with an exceptional opportunity to expand in one of the most sought-after sectors in Europe. Swiss Life Asset Managers is a sophisticated and valued partner, and we look forward to building a successful relationship and continuing the success of this portfolio. Given that the German logistics market is among the top-performing in Europe, focusing and expanding in this region has long been a priority for us at LaSalle.”
Per Erikson, Head Real Estate at Swiss Life Asset Managers, added: “We are pleased to partner with LaSalle and create long-term value for our stakeholders. Our unique insights and access to the investment market as well as our development expertise have become a differentiating feature and a competitive advantage. I am particularly pleased that our European Logistics platform, headed by Ingo Steves, developed the exclusive seed portfolio for this venture. In LaSalle we have a like-minded and solid partner investing with us in the dynamic and promising European logistics market.”
ENDS
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.
About Swiss Life Asset Managers
Swiss Life Asset Managers has more than 165 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg, the UK, Italy and the Nordic countries. As at June 30, 2023 assets under management for third-party clients amount to €114.8 billion. Together with insurance assets for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at €265.8 billion. Swiss Life Asset Managers is a leading real estate manager in Europe.1 Of the assets totalling €265.8 billion, €91.7 billion is invested in real estate. In addition, Swiss Life Asset Managers, in cooperation with Livit, manages real estate totalling €21.6 billion in value. Total real estate assets under management and administration at the end of June 2023 thus came to €113.3 billion.
1 INREV Fund Manager Survey 2023 (AuM as of December 31, 2022)
LaSalle Investment Management (“LaSalle”) has announced the successful launch and investment momentum of its LaSalle Global Navigator Fund (“the Fund”), an open-ended relative value real estate investment vehicle advised by the firm’s indirect investment platform, LaSalle Global Partner Solutions (“LaSalle GPS”).
The Fund received founding capital commitments of US$320 million as of 30 September 2020, including US$25 million of co-investment capital from JLL, highlighting the firm’s broader conviction and alignment of interest. The Fund features a diversified in-place portfolio of investments across a range of investment vehicles in the US, Europe and Asia. The Fund recently completed an investment into a US medical office fund, as well as a UK student accommodation fund, highlighting its ability to strategically deploy capital during uneven market conditions. The Fund also has significant uncommitted capital to make focused investments that can capture fast-moving technological changes.
Catriona Allen, Fund Manager for LaSalle Global Navigator, said: “The launch and momentum of LaSalle Global Navigator reflects increasing demand from investors for access to global investment opportunities across the risk spectrum. The Fund aims to offer clients a compelling combination of attractive risk-adjusted returns, reliable cashflows with strong downside protection and robust liquidity. Our experienced global team has hit the ground running and we are looking forward to further growing the Fund and continuing to invest across a range of geographies, managers and underlying asset types.”
The LaSalle Global Navigator Fund seeks to provide investors with a one-stop solution for exposure to a diversified global portfolio featuring bespoke investment opportunities providing small and medium sized institutional investors the access, service and cost efficiency typically afforded to the largest institutional investors. The Fund has flexibility to invest across the “four quadrants” of real estate: private and public equity, and private and public debt, in each case seeking out the most attractive relative value.
The LaSalle Global Navigator Fund also invests globally, primarily in the major markets and cities of the world, maintaining a core plus risk tolerance, and investing through a range of vehicles including commingled funds, joint ventures, co-investments and listed securities. The Fund leverages LaSalle’s broad platform and network, which includes established relationships with over 100 local real estate operators, to source and underwrite investment opportunities. The team’s work is supported by LaSalle’s global research capability and follows the firm’s proprietary DTU+E (Demographic, Technology, Urbanization and Environment) methodology, investing thematically and with conviction.
Ed Casal, CEO of LaSalle GPS, said: “The LaSalle Global Navigator Fund is an important addition to the range of indirect investment products we offer our clients, meeting the growing demand for diversified exposure to global real estate markets through a one-stop solution. In particular, we’re seeing smaller and medium-sized investors, who want to increase allocations to the asset class but may not be able to build or support a global investment portfolio on their own.”
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.
