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.”
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 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 (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.
TORONTO (Feb. 14, 2023) – LaSalle Investment Management (“LaSalle”) is celebrating five years since the launch of its flagship core real estate fund in Canada, the LaSalle Canada Property Fund (“LCPF” or “the fund”). Since its launch in 2017, the fund’s investment objective has been to outperform the MSCI Canada Property Fund Index (“the index”) by 100 basis points on a gross, five-year rolling basis. It has achieved that goal over the past five years. Additionally, the fund has maintained top quartile performance against the index over 1-, 3- and 5-year periods on a gross basis as of December 31, 2022. LCPF has also grown its gross asset value by 4.5 times since inception to more than C$2.3 billion across 33 investments with interests in 53 properties.
John McKinlay, CEO of LaSalle Canada, said: “We’re proud to have reached the five-year threshold for LaSalle Canada Property Fund. While LaSalle has a rich history of operating in Canada since 2000, this is a critical milestone for LCPF, and a testament to the staying power of the fund and its goal of providing investors income through access to Canada’s highest quality core real estate in the country’s top markets. Canada is an outstanding destination for capital looking to take advantage of solid real estate fundamentals, including strong immigration, job growth, and tenant demand for core product across key sectors. Thank you to our investors for their continued commitment.”
Sam Barbieri, LaSalle Managing Director of Development and Fund Management, added: “Through patience and a dedicated strategy of acquiring and developing high quality assets across Canada’s six major metros, we’ve been able to construct a fundamentally strong portfolio for LCPF that continues to prove its resilience. On the sustainability front, we’re proud to have achieved two four-star and two five-star GRESB ratings, having improved the fund’s score each year. LCPF also ranks well in the index in terms of physical climate risk, having one of the lowest value at risk, in accordance with annual physical climate risk assessments conducted by the fund.”
LCPF’s portfolio totals nearly 9.5 million square feet across Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal – the key markets in Canada’s investible real estate universe. The portfolio includes industrial, multifamily, office, retail and mixed-use properties, along with select development projects in these sectors. Among its marquee properties are:
Sustainability initiatives continue to be a key driver in the active asset management of the portfolio. More than 85% of the properties in the portfolio have received a sustainability certification, including 7 that hold LEED certifications, 6 BOMA Best certifications and 9 WELL Health-Safety certifications. LCPF has also submitted to the Global Real Estate Sustainability Benchmark (GRESB) for all five years, earning back-to-back 5-star ratings in 2020 and 2021.
Amy Barsich, LaSalle Managing Director and LCPF CFO, said: “While the market has evolved since LCPF launched five years ago, LCPF’s thesis and principles continue to hold up and produce income for our investors. We look forward to continuing to serve our investors for years to come.”
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$8 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About LaSalle Canada Property Fund (LCPF)
LCPF is an open-ended fund targeting core properties in major markets across Canada. The fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets. Through its near-term pipeline of potential future investments, the fund will seek to take advantage of mispriced assets as it continues to grow.
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 $79 billion of assets in private and public real estate property and debt investments as of Q4 2022. 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 us on LinkedIn.
Forward looking statement
The 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 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”) announced that 1652 and 1672 Tricont, two Class A logistics properties in its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), earned the prestigious LEED® Silver certifications through the Canada Green Building Council. LEED is recognized globally as an indicator of sustainability achievement and leadership. To achieve LEED Silver, buildings must receive a high score in key areas that measure environmental impact.
Located in Whitby, Ontario in Toronto’s GTA East submarket, 1652 and 1672 Tricont Avenue comprise over 370,000 square feet. The buildings were newly constructed in 2020 and boast 32-foot clear heights, ESFR sprinklers, LED lighting and electric vehicle charging stations. The buildings are fully leased on a long-term basis to credit quality tenants.
Sam Barbieri, SVP, Portfolio Management and Deputy Fund Manager, LCPF, said: “We’re thrilled that 1652 and 1672 Tricont have earned LEED Silver certifications. These properties were designed with LEED specifications in mind which, along with an exceptional tenant roster and location, was a large reason we acquired them. LaSalle Canada Property Fund continues to be an industry leader in sustainability, we look to continue this momentum through further LEED certifications in our portfolio.”
Elena Alschuler, Americas Head of Sustainability, added: “We remain highly committed to using our asset management practices around the world to achieve leadership in sustainability while prioritizing optimum investment performance. LEED certification plays an important role in achieving both of these goals at these properties – by reducing our environmental impact and ensuring the buildings remain attractive to tenants and investors into the future.”
The LEED certifications earned by 1652 and 1672 Tricont add to LCPF’s achievements as a leader in sustainability. In 2021, 275 Slater, a 54-year-old office property in downtown Ottawa, earned the LEED Platinum certification, the highest LEED achievement. LCPF has also earned Five Stars, the highest rating, from the Global Real Estate Sustainability Benchmark for two consecutive years, making it the only open-end core fund in Canada to do so.
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$6.6 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About Canada Green Building Council
CaGBC (www.cagbc.org) is the leading national organization dedicated to advancing green building, building retrofit, and sustainable community development practices. CaGBC works with industry and all levels of government to make every building greener and healthier for occupants, while reducing carbon emissions and environmental impacts. CaGBC sets and verifies advanced green building standards, conducts government advocacy and market research, and provides education and training that has reached over 45,000 Canadian professionals since 2002. In 2004, CaGBC established the LEED® green building rating system in Canada and developed the first Zero Carbon Building Standard in 2017.
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”) announced that its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), expanded its portfolio with the acquisition of a portfolio of three properties in Toronto in partnership with TAS, an industry leader in impact-driven development and asset management. These acquisitions represent the first phase of a broader 50/50 joint venture between LaSalle and TAS that is targeting to deploy $120 million in capital, inclusive of planned capital expenditures.
The investment exemplifies new opportunities LaSalle is seeing for LCPF within its defined investment guidelines, which is to focus on adaptive re-use, lease-up and stabilization of properties in up-and-coming neighborhoods throughout Toronto. In this particular instance, the investment thesis is underpinned by environmental and social best practices while still delivering attractive overall investment returns for LCPF.
The joint venture’s sustainability initiatives targeted for implementation should improve the acquired properties’ energy efficiency and reduce carbon footprints through adaptive re-use instead of demolition and new construction. The joint venture will also aim to promote social initiatives anchored by the joint venture’s transformation of former industrial buildings into what the joint venture hopes will be lively community hubs in partnership with small businesses, charitable and not-for-profit organizations, some of whom will pay below-market rents.
The three initial acquisitions are:
The acquisition brings LCPF’s value-add allocation up to 5.5 percent, which is within LCPF’s20 percent value-add cap, and will increase its portfolio on a pro forma basis to approximately $1.8 billion.
John McKinlay, CEO of LaSalle Canada, said: “This is an exciting, unique and worthy acquisition for our core flagship LaSalle Canada Property Fund in that it embodies the application of LaSalle’s key ESG initiatives while simultaneously positioning LCPF for attractive investment returns based on our underwriting. We’re thrilled to partner with TAS, an experienced industry leader in this space, on this project to thoughtfully revive obsolete spaces, enhance neighborhoods and give communities spaces they can use for good.”
Mazyar Mortazavi, President & CEO of TAS, said: “We are proud and excited to drive profit and purpose together with LaSalle through this exceptional portfolio of community hubs. The partnership builds on TAS’s proven track-record of delivering outsized value in emerging Toronto neighborhoods, and will be leveraged to deliver a broad range of impact objectives, including building social capital, expanding affordability and equity, and tackling climate change.”
Mike Cornelissen, Senior Vice President of Acquisitions, added: “There is significant market dislocation in Toronto for repurposing rather than demolishing certain assets, and a tangible opportunity to invest ahead of the path of growth in areas like the Golden Mile and the Junction. This investment thesis capitalizes on that opportunity, with the added benefit of making spaces available for community organizations that can carry out their valuable missions. I strongly believe that with LaSalle and TAS aligned on this project, we can create significant positive impact for both the community and our investors.”
LaSalle Canada Property Fund recently received a 5-star rating in the 2021 Global Real Estate Sustainability Benchmark (GRESB), the highest attainable rating. The GRESB rating is based on a fund’s GRESB Score and its quintile position relative to all participants in the assessment. Those funds in the top quintile are awarded a 5-star rating. It’s the second year in a row the Fund has received a 5-star rating, and it improved its overall score over the prior year.
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$7 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About TAS
TAS is an unconventional impact company that promotes connected neighbourhoods and, caring, committed communities. As a Certified B Corporation, TAS is an industry leader in impact development with an active pipeline and portfolio totaling more than 6 million square feet across 18 properties throughout the Greater Toronto and Hamilton Area.
TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision. Join in by visiting tasdesignbuild.com and following our journey on LinkedIn, Instagram, and Twitter.
About LaSalle Canada Property Fund (LCPF)
LCPF is an open-ended fund targeting core properties in major markets across Canada. The fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets. Through its near-term pipeline of potential future investments, the fund will seek to take advantage of mispriced assets as it continues to grow.
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”) announced that its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), expanded its portfolio with the acquisition of a portfolio of properties in Montreal and Vancouver. The portfolio, acquired from Ivanhoé Cambridge, includes: A 50 per cent stake in Maison Manuvie at 900 Boulevard de Maisonneuve O, a more than 485,000-square-foot trophy office asset in Montreal. Manulife, whose Quebec headquarters are located in the office tower, will be LaSalle’s 50 per cent partner in the property. 50 per cent ownership of Guildford Town Centre, a top performing super-regional mall in the Vancouver suburb of Surrey. Ivanhoé Cambridge will remain a partner in the property. 50 per cent ownership of an 18-acre development site directly north of Guildford Town Centre. Ivanhoé Cambridge will also remain a partner in the parcel.
The acquisition brings LCPF’s office and retail allocations up to 42 percent and 19 percent of its approximately $1.8 billion portfolio, respectively, and reinforces its investment thesis of adding core, best-in-class assets with long-term tenancy and strong in-place net-operating income.
John McKinlay, CEO of LaSalle Canada, said: “The addition of Maison Manuvie and Guildford Town Centre, along with the opportunity to develop mixed-use assets in a prime location in the Vancouver area represents an outstanding opportunity for us to strategically use our retail weighting while also gaining exposure to Canada’s second largest market in Montreal via the city’s marquee office asset. Additionally, it is rare to find an economically viable development site with residential densification potential in Vancouver, where residential fundamentals are extremely favorable for newly built units. We have long sought to enter these markets, and are excited to do so along with exceptional partners in Ivanhoé Cambridge and Manulife.”
Stephen Robertson, Head of Canada Acquisitions, added: “There continues to be value available in office and retail assets, especially those in irreplaceable locations and with strong tenant demand. Both Maison Manuvie and Guildford Town Centre are premier properties in their respective asset classes in Canada and position LaSalle and LCPF well as fundamentals for office and retail continue to improve.”
Located in Montreal Financial District, Maison Manuvie is 97 per cent leased with a 13.7-year average weighted lease term, and provides tenants direct access to amenities and underground connections to both McGill and Peel subway stations. The property also boasts exceptional sustainability credentials, including: LEED Gold CS and ENERGY STAR® certifications, Building Energy Challenge’s Improved Energy Performance Award, and a 2019 BOMA BEST® certification making it the only building in the Greater Montreal Area that has been awarded the Platinum level.
Guildford Town Centre is 95.5 per cent leased, and continues to attract new-to-market tenants including Uniqlo and Muji. The shopping center underwent $280 million in capital improvements completed in 2013, and is LEED Gold certified.
The parcel, located to the north of Guildford Town Centre, is in the process to be zoned for additional residential density, and could therefore allow LCPF to develop a best-in-class multifamily property, the most expensive and sought-after asset class in Canada. Surrey is a target market for multifamily development as it forecast to outpace the population of Vancouver proper within the next 15 years, and has limited supply of new multifamily product.
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$7 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60,4 billion in real estate assets as at December 31, 2020, and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), a global investment group. For more information: ivanhoecambridge.com.
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”) announced that its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), expanded its portfolio with the acquisition of the Greater Toronto Area Logistics Portfolio (“GTA Portfolio”).
The fund purchased 100 percent of the three-building, Class A logistics portfolio, which totals nearly 610,000 square feet of rentable area. The GTA Logistics Portfolio is fully occupied with predominantly investment-grade credit tenants including a leading global e-commerce and logistics firm, Lear Corporation and Canada’s largest pallet supplier Paramount Pallet. Newly constructed, the portfolio’s weighted average lease term is 8.8 years and leases include annual rent escalations of at least 2.5 percent.
The acquisition brings LCPF’s industrial allocation up to 18.6 percent and reinforces its investment thesis of adding core, best-in-class logistics assets while also reducing its overall exposure to the office sector. The fund recently acquired another Class A industrial distribution property in Brantford, Ontario.
John McKinlay, CEO of LaSalle Canada, said: “The GTA Logistics Portfolio is an exceptional addition to LaSalle Canada Property Fund and positions us to capture the robust tenant demand for well-located, Class A logistics properties. Our conviction in the industrial sector remains strong, and we believe this acquisition will continue to support the strong relative performance of the fund and the sustained interest from multinational and domestic investors.”
The largest building is located at 2300 North Park Drive in the “center-court” market of Brampton, part of the GTA West industrial submarket. The property is in a strategic location with excellent connectivity via five major highways, CN Intermodal and Pearson International Airport all within a 20-minute or shorter drive. The GTA West submarket continues to attract tenant demand, as illustrated by its 13 percent net rent growth in 2020. This property includes a 40-foot clear height, 42 trailer parking positions, secured yard, LEED design and best-in-class building systems.
The remaining two properties are located in the GTA East submarket, at 1652 and 1672 Tricont in Whitby on an infill site that provides immediate access to the GTA’s 400 series highway system and the critical Toronto-Montreal corridor. The properties include 32-foot clear heights, LEED Silver design criteria, ample shipping doors, LED lighting and ESFR sprinkler systems.
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$6.6 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
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”) announced that 275 Slater Street, a downtown Ottawa property in its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), earned the prestigious LEED® Platinum v4.1 Certification for Operations and Maintenance. LEED Platinum is the highest distinction for sustainable buildings on the Leadership in Energy and Environmental Design (LEED) Certification Green Building rating system. The system is recognized globally as an indicator of sustainability achievement and leadership. To achieve LEED Platinum, buildings must receive a high score in key areas that measure environmental impact.
Sam Barbieri, SVP, Portfolio Management and Deputy Fund Manager, LCPF, said: “We are extremely proud that 275 Slater achieved the highest level of LEED certification, especially given that the property is 53 years old. While newly constructed assets are often built to LEED standards, updating an asset of this vintage takes considerably more planning and vision. LCPF’s focus for this asset, as well as all assets in the portfolio, is to continuously improve environmental performance with the goal of making each asset best-in-class.”
Elena Alschuler, Americas Head of Sustainability, added: “Our commitment to sustainability remains a top priority for us as we strive to achieve our goal of net zero carbon by 2050 for our managed portfolio. The LEED Platinum certification at 275 Slater Street is a testament to these continued efforts, and further bolsters LaSalle Canada Property Fund’s standing as an industry leader in sustainability in Canada.”
Contributing to this certification is the progress 275 Slater Street made on reducing energy and water consumption. Through improvements, the property reduced energy and water consumption by 7 percent and 16 percent respectively since receiving a LEED Gold certification in 2017. In the same four years, the building’s waste diversion increased by 2.7 percent. The certification adds to LCPF’s recent achievements as a leader in sustainability. LCPF received Five Stars, the highest rating, from the Global Real Estate Sustainability Benchmark (GRESB) for 2019, the most recent year for GRESB ratings.
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$6.6 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About LaSalle Canada Property Fund (LCPF)
LCPF is an open-ended fund targeting core properties in major markets across Canada. The Fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the Fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets. Through its near-term pipeline of potential future investments, the Fund seeks to take advantage of mispriced assets as it continues to grow.
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”) announced that its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), expanded its portfolio with investments in an Ottawa multifamily development and industrial property in Ontario.
The fund purchased a 47.5 percent stake in the Rideau & Chapel multifamily development. The project will comprise a 25-story, 315-unit rental apartment building in downtown Ottawa, with entitlements permitting the future construction of an additional 318 units. The first phase will be delivered in Q4 2022. The building is being developed in partnership with Hazelview Investments (formerly Timbercreek Equities Corp) and Trinity Development Group, with Trinity acting as Development Manager.
The acquisition allows LCPF to use a portion of its 20 percent value-add/development allocation to acquire best-in-class, new construction multifamily rental product.
The fund also closed the acquisition of 99 Savannah Oaks Drive, a modern, 527,568-square-foot, 30-foot clear height, fully leased distribution centre located in Brantford, Ontario with excellent highway connectivity. This high-quality, multi-tenant property benefits from the strong demand of the Greater Toronto Area (GTA) industrial market that has driven growth to the peripheral markets. Brantford is strategically located in a growing industrial market, with proximity and highway access to several key destinations including the US border crossing near Buffalo, GTA West “centre ice” logistics hub, Hamilton Cargo Airport and Cambridge/Kitchener/Guelph.
John McKinlay, CEO of LaSalle Canada, said: “We are pleased to complete these transactions as they fit squarely within LCPF’s objective to provide investors with immediate exposure to a diverse and mature portfolio of assets focused in Canada’s six major markets. Our conviction in well-located, Class A industrial and multifamily properties remains strong, and we believe these acquisitions will continue to support the strong relative performance of the fund and the sustained interest from multinational and domestic investors.”
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$6.6 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About LaSalle Canada Property Fund (LCPF)
LCPF is an open-ended fund targeting core properties in major markets across Canada. The Fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the Fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets. Through its near-term pipeline of potential future investments, the Fund will seek to take advantage of mispriced assets as it continues to grow.
About Hazelview Investments
Hazelview Investments is an active investor, owner and manager of global real estate assets, with over 20 years of operating experience and $9 billion in assets under management. Hazelview employs a global investment and asset management team of more than 70 people in its offices in Toronto, New York, Hong Kong and Hamburg. For more information visit http://www.hazelview.com and LinkedIn.
About Trinity Development Group
Trinity Development Group (TDG), a Toronto-based, full-service real estate development company, has developed over 25 million square feet of retail and mixed-used space across Canada since its inception in 1991. The company focuses on urban multi-residential developments in Toronto and Ottawa. TDG has over 500 units recently delivered or under construction, with another 7,500 units in various stages of entitlement and design stages.
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”) announced that its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”) along with its Custom Accounts group representing Frankfurt-based fund-servicing company Universal-Investment on behalf of Bayerische Versorgungskammer (BVK), and two managing owners, North American Development Group and Canderel, have acquired Edmonton City Centre (ECC). The property includes the Edmonton City Centre retail component, TD Tower, Oxford Tower and Centre Point Place spanning three city blocks in downtown Edmonton’s central business district.
Collectively, the office component, including TD Tower, Oxford Tower and Centre Point Place, combined with retail leasable areas represent nearly 1.4 million square feet in a mixed-use asset, complemented by four parking components with a total of 2,500 stalls. North American Development Group entities, including CentreCorp Management, will provide property management services and leasing for the ECC retail component, and Canderel entities, including Humford Management, will provide property management services and leasing for the office and non-retail components. Mortgage origination sourcing and placement for the acquisition was provided by an entity related to Forgestone Capital.
John McKinlay, LaSalle Canada CEO, said: “We are pleased to complete this transaction with our partners, as it represents a rare opportunity to own a landmark mixed-use asset with a strong tenant roster in the heart of Edmonton’s downtown core. This acquisition aligns well with LCPF’s objective to provide investors with immediate exposure to a diverse and mature portfolio of assets focused in Canada’s six major markets. We are pleased with the strong relative performance of the Fund and the sustained interest from multinational investment partners.”
Michael Cornelissen, Senior Vice President of Acquisitions for LaSalle Canada, added: “This transaction is emblematic of our ability to source world-class properties with industry-leading partners. We see tremendous potential in the ECC acquisition given the growth momentum of the adjacent Ice District, light rail transit connections that are supporting continued urban gentrification and population growth.”
Spanning three city blocks, ECC is situated at the epicenter of Edmonton’s financial core and is the major shopping centre downtown, with an evolving service, convenience, entertainment and food and beverage-focused offering. The retail and parking portions benefit from their Pedway connectivity and adjacency to the recent downtown Ice District development, Canada’s largest mixed-use sports and entertainment district with 180 events per year.
The Edmonton core has grown from a residential population of 10,000 in 2008 to approximately 15,000 in 2019, and is projected to have 18,000 residents by 2020. The dramatic increase in residential condominium and rental development has been driven by inbound urban migration, with 1,600 units recently completed, 1,400 residential units under construction, and an additional 3,100 units proposed in proximity to ECC.
Surrounding residential developments and recently completed office developments are driven by a strong urbanization trend in Edmonton. This trend will undoubtedly further increase the foot traffic coming to ECC beyond the traditional daytime office employee population.
About LaSalle in Canada
On an aggregate basis, LaSalle has executed more than C$6 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
About LaSalle Canada Property Fund (LCPF)
LCPF is an open-ended fund targeting core properties in major markets across Canada. The Fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the Fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets. Through its near-term pipeline of potential future investments, the Fund will seek to take advantage of mispriced assets as it continues to grow.
This release does not constitute an offer to sell or a solicitation of an offer to buy an interest in LCPF. A private offering of interests in the relevant Fund vehicle is being made only to certain qualified investors pursuant to the applicable confidential private placement memorandum. Within the European Economic Area (EEA), the Fund is only available to professional investors in EEA member states where marketing has been registered or authorized in accordance with local requirements. A full list of the relevant EEA member states is available from LaSalle on request.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $68 billion of assets in private and public real estate property and debt investments as of Q2 2019. 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 http://www.lasalle.com, and LinkedIn.
About Bayerische Versorgungskammer (BVK)
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.2 million insured persons in total, with contributions of € 4.4 billion and € 3.2 billion pension payments annually. It currently has € 69 billion assets under management and more than 1,200 employees. Visit https://www.versorgungskammer.de/ for more information.
About North American Development Group
Founded in 1977, North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 250 shopping centres as well as multi-family and mixed-use developments comprising well in excess of 35 million square feet. Today, NADG owns over 25 million square feet of existing retail GLA in Canada and the U.S., with an additional 3 million square feet in development or pre-development. NADG has 11 offices across North America, 6 in Canada and 5 in the United States, and a team of over 225 seasoned real estate professionals. The Company’s head office is in Toronto, Ontario with regional offices in Kelowna, Edmonton, Montreal, Ottawa and Halifax. In the U.S., NADG’s head office is in West Palm Beach, Florida with regional offices in Phoenix, Dallas, Nashville and Atlanta. For more information, please visit www.nadg.com.
About Canderel
Canderel is one of Canada’s leading real estate development and management firms with in excess of $15 billion in acquisitions, development and management projects over the past 45 years in markets across the country. This translates into more than 60 million square feet of owned, managed and developed properties in the office, industrial, mixed-use and retail sectors. Regardless of the space, our vision remains to ensure long-term investment value for our clients, partners and investors. For more information, please visit www.canderel.com.
About Universal-Investment
With fund assets of around EUR 471 billion under administration, thereof EUR 380 billion in own vehicles and around EUR 91 billion in, inter alia, insourcing, well over 1,400 mutual and special investment mandates and a workforce of around 700, Universal-Investment is the largest independent investment company in the German-speaking region. With the acquisition of UI labs in January 2019, the industry-leading IT data specialist now completes the Group’s service portfolio by adding front office and data solutions. The investment company is the central platform for independent asset management and unifies the investment know-how of portfolio managers, private banks, asset managers and investment boutiques. Founded in 1968, the Universal-Investment Group is headquartered in Frankfurt/Main and has subsidiaries, branches and holdings in Luxembourg, Poland and Austria. It is one of the pioneers of the investment industry and has meanwhile become the market leader in the areas of master-KVG and private label funds. According to the 2019 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos, Universal-Investment also ranks in first place (as of August 31, 2019). More information available at: www.universal-investment.com.
About LaSalle Investment Management
About LaSalle Investment
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.
