LaSalle Investment Management (“LaSalle”) is pleased to announce that five of its funds earned top scores within the 2021 Global Real Estate Sustainability Benchmark (GRESB), a leading global sustainability measure, recognizing LaSalle’s commitment to sustainable performance.
The GRESB Assessment is a globally recognized and respected sustainability measure for the real estate industry. In 2021, LaSalle made 14 submissions for the Assessment, comprising a range of commingled funds, its listed REIT in Japan, and three separate account mandates in Europe. All 14 submissions were awarded GRESB Green Stars, a recognition based on high management and performance scores within the GRESB Ratings. Across these submissions, LaSalle achieved five 5-star GRESB ratings, the highest attainable, along with three 4-star and four 3-star ratings, plus two 2-star ratings. In 2020, LaSalle earned one 5-star and five 4-stars.
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.
The LaSalle E-REGI fund was named a regional GRESB Sector Leader in the “Diversified – Office/Industrial” category. Entities with the top GRESB Score, as well as entities with a score within 1 point of the top score in a category, are recognized as Sector Leaders.
The GRESB recognition illustrates LaSalle’s achievement thus far in its global commitment to the Urban Land Institute Greenprint Center for Building Performance Net Zero Carbon (“NZC”) Goal by 2050. LaSalle is putting particular focus on carbon reduction, climate risk, community and resource conservation, including water and waste management and biodiversity.
David DeVos, Global Head of Sustainability at LaSalle, said: “We are proud that the sustainability processes we have put in place are yielding results, as shown through in these GRESB Ratings. Sustainability has been shown to have a material impact on enhancing and protecting investment performance, which will continue to increase over time. Through our framework, we are able to incorporate sustainability into all stages of the asset life cycle to ensure we identify, develop and manage the type of assets that deliver resilient investment performance.”
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 has completed the purchase of a state-of-the-art logistics warehouse in the Rhine-Neckar metropolitan region, located in Ladenburg east of Mannheim in south-west Germany. The warehouse was acquired as a forward-funding deal from PGIM Real Estate and Panattoni on behalf of Encore+
The logistics property, which was completed in the summer of 2021, comprises a total of 56,864m² of multifunctional space. This extends over three units, ranging from 8,000 to almost 23,000m², which can be further divided up. Developed with the highest standards of sustainability, the property produces part of the energy required for its running via a photovoltaic system on the roof; this provides a habitat for the locally native lizards. The lighting is provided exclusively by LED technology, and charging stations for electric vehicles have also been installed on the site. The buildings have been developed according to the DGNB Gold standards. In addition, the award of the platinum certificate has already been applied for.
The property is leased on a long-term basis to the sole user Neska Schifffahrts- und Speditionskontor. The logistics service provider is a wholly owned subsidiary of Häfen & Güterverkehr Köln (HGK).
Ladenburg is strategically located in one of the most sought-after logistics submarkets and economically strongest regions in Germany, where numerous listed corporations, small and medium-sized companies and start-ups are located. With its proximity to the major motorways of the A5, A6 and A67, connecting to the national rail network as well as to the rivers Rhine and Neckar, the location ensures excellent accessibility of important container terminals. With the inland ports of Mannheim and Ludwigshafen, the Rhine-Neckar region is an important shipment point, especially for the chemical industry, as well as being close to Frankfurt Airport.
David Ironside, Fund Manager for Encore+ at LaSalle, comments: “With this acquisition, we are increasing our allocation to the logistics sector – a segment that plays an important role in our long-term planning, not least thanks to its resilience to crises. This is because the German logistics market is on an upward trend. I am pleased for our investors that we have succeeded in acquiring this property for Encore+. Due to the long-term letting, the multifunctional space use possibilities as well as the state-of-the-art equipment, the property fits perfectly into our fund portfolio.”
Andreas Wesner, Head of Transactions Northern Continental Europe at LaSalle, adds: “The property is excellently located in an environment with scarce logistics space. The Rhine-Neckar metropolitan region is one of the strongest business locations in Germany and is also an important logistics market. As a result, the vacancy rate is low and the supply of space sizes for comprehensive ambitious projects is very limited, which is reflected not least in above-average rising rental prices. An excellent starting point from which the property as well as our investors will benefit sustainably.”
LaSalle was advised on the transaction by Hogan Lovells (Legal & Tax), Gleeds (Technical), BrandBerger (Construction Monitoring) and CBRE (Buy-Side). The property was marketed by Colliers.
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.
I joined JLL’s graduate scheme in 2019 at the London office. In the first rotation you do not have the opportunity to choose where you are placed, though in the subsequent rotations there is an element of choice, subject to business needs. I always had the aspiration to complete one of my rotations at LaSalle, so I completed a couple of courses in the industry during my first rotation to have a better chance to be selected for LaSalle in my second rotation. I was selected, and subsequently joined LaSalle in January 2021 for my second and final rotation, with the intention to rotate out in October.
As fate would have it, however, I started speaking to colleagues at LaSalle during my rotation and understanding their passion for the industry. I soon realized that this was what I wanted to do, and the part of the property industry that I am most passionate about. This month, I am starting full-time with LaSalle in Amsterdam, as a Senior Analyst and I couldn’t be happier.
When I joined JLL and LaSalle it was in part because, as global companies, we lean on so many professionals across the world who have a huge range of expertise, and both companies offer direct access to this expertise. How amazing is it that a company helps facilitate career movements across different countries to help employees learn more?
My favourite part or working at LaSalle has to be that there is always opportunity — to take on new work, learn about new sectors, and explore new ideas. I’ve had a lot of autonomy, but importantly if I or anyone else has new ideas, there’s respect and support from your managers to help you pursue them.
I’d like to have an opportunity to see the global headquarters in Chicago at some point in the future and how that differs from offices in Europe. Being able to see how the European experience differs from the American experience is something I’d love to learn.
Speaking of learning, I’m dyslexic, which is something I only learnt when I was 16. All my life before that, I just thought I wasn’t as intelligent as other people. I didn’t realize my brain worked in a different way to others, I would consistently receive low grades and was very disruptive. When I found out I was dyslexic, I realized there were different ways to learn that were suited to me, and suddenly I was achieving considerably higher results and went from the bottom to the top of my classes. That helped instill in me the view that we all learn differently, and I should be confident in myself and recognize my own abilities and the support I need to achieve my goals. I don’t think of dyslexia as a disability, but rather an opportunity to understand how my brain works to achieve what I want to achieve.
Being open out it has made a world of difference in life and at work. Realizing everybody works differently, for example, allows the team to accommodate different styles. Some people don’t speak up right away, or others don’t like to formulate their thoughts until they have a chance to reflect. It’s important to think outside of the status quo and create an environment where people can feel supported to work in ways that allow them to do their best. I always feel LaSalle works toward and values that perspective, and I feel comfortable and supported here, which I appreciate.
I think it’s going to be a great place to build my career.
LaSalle has acquired a high-quality logistics asset at the Port of Moerdijk in the Netherlands for its open-ended pan-European fund LaSalle E-REGI (“the Fund”). The property is located in the west of the Dutch province North Brabant near Rotterdam, one of the most important hubs for European and international trade. It was acquired from Savills Investment Management.
Completed in 2007, the warehouse has more than 21,000 square metres of usable space, 21 loading docks and it is fully let to Van der Helm, a Dutch logistics company
The logistics park in Moerdijk is strategically located between Europe’s two largest trade ports, Rotterdam and Antwerp. Both are within less than an hour drive. Moerdijk is the farthest inland terminal accessible to smaller deepsea vessels and forms a well-established logistics hub thanks to its rail and road connections.
Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, said: “The acquisition of the asset is a significant strategic investment for the fund, which has achieved an outstanding performance since its launch in 2011 with an average annual total return of 6.6 percent. Our aim is and remains a broadly diversified portfolio of first-class core properties in fast-growing markets. With the acquisition in Moerdijk, we are further expanding the fund’s strategic commitment in one of the most attractive locations for European logistics. The Dutch market excels with consistently stable fundamentals and, particularly in the port logistics sub-sector, high-quality properties such as the Moerdijk asset offer a strong competitive advantage and therefore solid returns for our investors.”
On this transaction, LaSalle E-REGI was advised by Solid Attorneys (Legal), PWC (Tax), Drees & Sommer (Technical & Environmental), and Savills (Commercial). Savills Investment Management was advised by TLF Real Estate (Commercial), Simmons + Simmons (Legal) and Savills (Technical). The transaction was brokered by TLF Real Estate.
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 has acquired NH Collection Gran Hotel Calderon located on Ramblas Catalunya in the Ensanche district of Barcelona. The hotel has been purchased from NH Group SA on behalf of Encore+, LaSalle’s flagship pan-European fund (“the Fund”).
As the third most visited European city, with over 22 million overnight stays in 2019 Barcelona benefits from a historically strong tourism sector and the market enjoyed steady revenue-per-available-room growth over the last decade, reaching the highest average rate in the Spanish urban market in 2019. As the recovery in international travel steadily accelerates, the city is well positioned to rebuild its leisure and business travel industry as travel recovers.
The 5-star NH Calderon hotel, in the heart of the city is positioned to benefit from this strong demand to come as it is well connected to all areas of the city within a few minutes’ walk of Plaza de Cataluña and only 150m from high quality retail and Gaudi architecture of Paseo de Gracia. It is located within a 20-minute drive of the El Prat Barcelona Airport.
The acquisition highlights the Fund’s commitment to investing in good value opportunities with strong recovery opportunities in exciting urban locations. With a prime location in a global tourist city, the Gran Hotel Calderon acquisition further diversifies and strengthens the Fund’s geographic footprint.
David Ironside, Fund Manager of Encore+ at LaSalle said: “This was a rare opportunity to acquire one of the leading hotels in Barcelona, a city which has been of the strongest and fastest growing hotel markets on the continent. As we diversify geographically and increase our exposure to the alternatives sector, this asset will contribute to the Fund performance.
Francesco Coviello, Head of Transactions for Southern & Central Europe at LaSalle said: “We are pleased to be acquiring the NH Collection Gran Hotel Calderon in Barcelona as we continue to build out our European real estate presence. The combination of the hotel’s prime location, the city’s historically strong leisure sector and the pent-up demand for international travel all serve to highlight the potential this acquisition represents.”
LaSalle was advised by Hogan Lovells for Legal and Tax, JLL Hotels & Hospitality Group as a commercial advisor Hollis Global for Technical.
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 is delighted to announce another letting at Sixty London Wall, the 10-storey office-led development in the City of London, acquired on behalf of The California State Teachers’ Retirement System (‘CalSTRS’).
The most recent letting of 25,000 sq ft on the part 5th floor to Interxion follows the recent news of both AllianceBernstein and Mondrian committing to the building. LaSalle Investment Management took the strategic decision to split the part 5th floor to accommodate this exciting technology business and bring a new occupier type to the building. The letting will enable a smaller occupier of 15,000 sq ft to acquire space within the building on the remaining part floor with stunning views towards the tower cluster and over Finsbury Circus.
Interxion are bringing together different parts of the business and chose 60 London Wall for their new London Headquarters due to its quality, amenity and location in the City.
Sixty London Wall provides spectacular, new Grade A office accommodation over 10 upper floors totalling 328,000 sq ft. The building has been designed with excellence and sustainability in mind and has been awarded a BREEAM ‘outstanding’ rating and targets a 2-star Fitwell rating. The adaptable available office floor plates range from 15,000 sq ft to 40,000 sq ft designed around the crucifix-shaped central core enabling four points of access.
Gary Moore, Fund Manager at LaSalle, said: “We are delighted to have secured a further letting and welcome a Interxion, a data and technology business to Sixty London Wall.”
Sixty London Wall is designed by EPR Architects with March and White the interiors architect. The building was constructed by Skanska on behalf of LaSalle and Citygrove Securities. LaSalle and Citygrove’s advisers include property consultants Gleeds and engineering consultants Mecserve.
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.
Uwe Rempis provides a look back at 10 years of the LaSalle E-REGI Fund, highlighting major milestones, characteristics and performance of the fund.
LaSalle has acquired the Villaverde Logistics Portfolio, comprising two new state-of-the-art logistics development projects located in Villaverde, a southern district of Madrid. The developments are targeting a BREAM Excellent sustainability standard. The developments, located at Calle San Dalmacio 17 and Avenida Real de Pinto 83 logistics parks, have been acquired via a forward funding agreement from Engel & Völkers Development Spain, part of Engel & Völkers Group, on behalf of Encore+, LaSalle’s flagship pan-European fund (“the Fund”). Completion of the two developments, which are being delivered by their former owner, is scheduled for Q1 2023.
The district of Villaverde is an attractive logistics location on the southern outskirts of Madrid, benefitting from excellent transport infrastructure, its industrial zone is surrounded by major roads allowing rapid access to several highways and strong connectivity to the city centre, as well as neighbouring municipalities and logistics hubs along the A-4 route. The site itself is particularly well connected, including via the adjacent metro station and Avenida de Andalucia, the main North-South road artery bisecting Villaverde. The scheme will entail the development of a modern Class A logistics park designed for multi-let occupation. The modular design and smaller configuration of individual modules offers occupiers greater flexibility, particularly for smaller to medium-sized firms.
The acquisition demonstrates again the ability of the Fund to invest in value-add opportunities in exciting urban locations. It also marks the return of Encore+ to the Spanish logistics development, following the successful sale of Alcala and Azuqueca De Henares in 2016. Villaverde’s attractiveness as a location and the growth in demand for last-mile facilities, particularly from e-commerce operators, combined with an extremely limited supply of both, available development land and modern suitable stock, are likely to maintain upward pressure on rents for the right quality stock.
Francesco Coviello, Head of Investment for CEE and Southern Europe at LaSalle Investment Management, said: “We are pleased to be forward-funding the development of these properties, in a very well-connected urban location serving a major European capital, as we continue the build-out of a prime European logistics portfolio. Overall, Spanish logistics assets have performed very well in recent years and we expect continued upward pressure on rents.”
LaSalle was advised on this transaction by Hogan Lovells on the legal and tax side and JLL and Tauw on the Technical and Environmental side.
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 announces that it has acquired a residential development in Berlin on behalf of the LaSalle E-REGI fund (“the Fund”). The project, named ‘Lacus Quartier’, is a development with 230 units. It was acquired from BUWOG and will be completed in April 2021.
The development is located in a quiet and family-friendly part of the improving Weißensee district in Berlin-Pankow. The area benefits from its proximity to the popular Prenzlauer Berg district and its expansion over recent years. It is one of the fastest growing districts in Berlin, with forecast population growth of more than 10 per cent by 2030.
LaSalle was advised by Mayer Brown LLP (Legal), Witte Projektmanagement (Technical), KPMG (Tax) and CBRE (Buy-Side-Advice). The seller was advised by Luther LLP (Legal) and BNP Paribas Real Estate GmbH (Transaction Broker).
Uwe Rempis, Managing Director and Fund Manager for LaSalle E-REGI, said: “This acquisition is in line with the Fund strategy to diversify its sector allocation by focusing on residential, thus generating a long-term stable income stream for the Fund. The Fund is prioritising investments in the strongest cities across Europe and this newly developed asset in Berlin is the perfect foundation to grow its residential exposure.”
Andreas Wesner, Head of Investment Germany, said: “We are very pleased to have been able to implement the Fund’s strategy to increase the residential allocation in the portfolio last year. Residential will remain an important part of our investment strategy in 2021 and following the acquisition of Lindenstrasse in Berlin in September 2020, we have now been able to further strengthen our residential track record with the ‘Lacus Quartier’.”
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 is pleased to announce that Michael Zerda will be rejoining the firm to head up its market-leading Debt & Special Situations platform and value-add equity strategies, spearheading higher return investment initiatives. Michael will work closely with Amy Klein Aznar, who will transition to the role of Executive Chair of Debt & Special Situations later this year.
Later in the year Michael Zerda will become the Head of Debt and Special Situations, overseeing its existing multi-strategy debt business of over 30 professionals, and spanning senior debt, mezzanine, and high yield strategies, as well as growing its special situations and value-add equity strategies. Michael brings a 20-plus year track record of equity and debt investing in European real estate. He was most recently Head of Europe for Blackstone’s Real Estate Debt Strategies (BREDS).
Amy Klein Aznar will become the Executive Chair of LaSalle’s Debt and Special Situations platform. In her new role, Amy will remain closely involved in investment strategy and decision making, client relationships and communication, and will serve on the Debt and Special Situations Investment Committee. She will also continue to meaningfully co-invest in current and future investment vehicles. Amy’s decision to move to the role of Executive Chair will reduce her day-to-day responsibilities and enable her to devote more time to her family’s business interests.
Amy and Michael worked together from 2009 to 2016 while building the Debt and Special Situations at LaSalle and have a long-term business and working relationship, spanning 17 years. The move comes at a time of significant growth for the platform and continued strong investment performance across its multiple business lines. Since inception, LaSalle’s Debt and Special Situations team has raised nearly €6bn, with the fourth fund in the flagship European real estate mezzanine series, LREDS IV, expected to hold its next closing at c.€900m and is on track to exceed its €1bn fund raise target.
Amy Klein Aznar, the incoming Executive Chair of European Debt & Special Situations at LaSalle, said, “I am thrilled that Michael is returning to the business that we started together over ten years ago. I look forward to working together again with Michael and the existing senior team and to my continuing involvement as Executive Chair of Debt and Special Situations.”
Michael Zerda, the incoming Head of European Debt & Special Situations at LaSalle said, “The growth, scope, and scale of the platform is testament to the quality of the team, its investment discipline, and Amy’s leadership since its inception over ten years ago. I am excited to work with the team to help them deploy existing capital and see terrific opportunities ahead as we grow the special situations and value-add equity strategies.”
Philip La Pierre, Head of and CIO of Europe at LaSalle, said, “We are delighted to welcome Michael back to LaSalle. He will be fully supported by his strong senior leadership team including Richard Craddock as well as the wider European LaSalle Business. The combination of this leadership, and Amy’s continued involvement in the business, is ideal to continue the exciting growth of the platform. Building out special situations and higher-return equity strategies is a natural evolution of the business and we are confident in Michael and Amy’s ability to lead that expansion through their almost two decades of working together across debt and equity.”
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.
This month’s highlights:
LaSalle Investment Management (LaSalle) announced today it has received double honors at the PERE Awards 2020, winning Firm of the Year – Japan and Firm of the Year – France.
One of the leading publications for the world’s private real estate markets, PERE has a readership of more than 35,000 professionals worldwide and the PERE awards are based on a unique industry poll that recognizes firms and individuals whose work gives shape and purpose to the sector. For a complete list of the PERE Awards 2020, visit this page.
Click the images below to learn more about our regional businesses with leadership perspectives.
Keith Fujii, Asia Pacific CEO at LaSalle, said: “We are proud to be recognized by the real estate industry as Firm of the Year – Japan. This award is a testament to our team in Japan, who completed a number of diverse real estate opportunities in major markets across the country, including acquisitions, dispositions, developments, asset management and leasing. Despite the challenging year, we were also incredibly pleased to complete the global public offering of LaSalle Logiport REIT in September, which was the first global public offering of a Japanese real estate investment since the start of COVID-19.”
Philip La Pierre, Europe CEO at LaSalle, said: “It is an honour to have won the PERE award for Firm of the Year – France and it is a reflection of our team’s determination to succeed. Being recognized by our industry peers is a huge achievement, so we are delighted to celebrate this. Our team managed several high calibre transactions in France last year, positioning the firm as one of the country’s most active investment managers. We look forward to building on this recognition, while focusing on our clients and strong performance.”
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 is delighted to announce that 60 London Wall, a 10-storey office development in the City of London, has received the prestigious BREEAM Outstanding sustainability rating.
The building, which was acquired on behalf of The California State Teachers’ Retirement System (‘CalSTRS’), provides exciting, Grade A office accommodation over 10 floors totalling 325,000 sq ft with flexible uses at ground floor. The floors range from 18,000 sq ft to 40,000 sq ft with terraces on five upper floors designed around a single atrium.
The embodied carbon of the building is 40% less than a typical new office building, as a result of reusing the existing sub-structure and part of the super structure. The building has four additional floors which step back to provide five stunning roof terraces with planters for occupiers to enjoy plus a green roof; all promoting biodiversity. The terraces and roof are ‘blue’ roofs; the most energy efficient way of installing a sustainable urban drainage solution.
At the same time, the operational energy performance of the building will be considerably lower than similar size buildings due to the energy efficient design of the building fabric and building services, exceeding the required energy performance of a new building significantly. The building envelope has been carefully designed to optimise energy performance with daylight and views out, including carefully considered non-visible fritted glass, to reduce solar gain.
Gary Moore, Fund Manager at LaSalle, said “The team has designed and delivered this stunning new office building and we are extremely proud to have achieved an ‘Outstanding’ BREEAM certification. We believe in delivering sustainable buildings to meet both the investor and occupier’s sustainability credentials and are confident this design and management will be integral to the future success of the asset.”
Julian Agnew, Head of and CIO for LaSalle Direct added: “Sustainability has been at the core of our investment and asset management strategy for some time, reflecting increasing tenant demand for outstanding work spaces that support employee health and wellbeing as well as the efficient utilisation of resources.”
BREEAM (Building Research Establishment Environmental Assessment Methodology) is the world’s leading design and assessment method for sustainable buildings. The rating for 60 London Wall was based on a number of factors including the building’s support for health and wellbeing, energy and water efficiency, use of materials. waste management, transportation and ecological features.
60 London Wall is designed by EPR Architects and constructed by Skanska on behalf of LaSalle and Citygrove Securities. LaSalle and Citygrove’s advisers include property consultants Gleeds and engineering consultants Mecserve. Knight Frank & JLL are leasing agents.
LaSalle is a signatory to the Better Buildings Partnership (“BBP”) Climate Change Commitment. The BBP comprises many of the UK’s leading commercial property owners who are working together to improve the sustainability of existing commercial building stock. LaSalle recently set out its pathway to a zero-carbon future, publishing its net zero carbon (NZC) strategy for Europe.
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 has acquired a six-storey residential property in the AZCA financial district of Madrid. The asset has been acquired from Optimum III Value Added Residential SOCIMI, a residential property investment fund, on behalf of a LaSalle client.
Located at Calle Edgar Neville 7, the property comprises 40 one-, two- and four-bedroom apartments, a ground-floor retail space under long-term lease to a supermarket and two levels of underground parking. Its surrounding area is a vibrant, mixed-use neighbourhood which combines residential properties, a wide range of amenities, Madrid’s largest office area in the AZCA financial district, the Nuevos Ministerios government complex and the Santiago Bernabéu football stadium. The property is close to the city’s Paseo de la Castellana north-south axis and benefits from strong transport connections, with the nearby Nuevos Ministerios and Cautro Caminos metro stations providing access to the city centre and the airport.
Following a refurbishment and expansion of the property between 2006 and 2009, LaSalle will invest in further improvements to enhance the building quality and support a strategy of leasing out vacant units in the short term Despite the current challenging macroeconomic environment, Madrid’s rental market continues to experience high rental demand and low institutional supply, particularly in central locations, and the city is projected to remain the best-performing Spanish city over the next five years.
Francesco Coviello, Head of Investment CEE and Southern Europe at LaSalle, said: “Calle Edgar Neville 7 is situated in a robust submarket of Madrid where we forecast continued high demand for rental housing, particularly among upper-middle-income occupiers. We’re pleased to have secured this attractive investment opportunity on our client’s behalf and look forward to further building out our exposure to high-quality Spanish residential assets in prime city-centre locations. As we are targeting significant investment in Spain in the coming year, with main focus on the residential sector as we see the Build-to-Rent sector undersupplied and with a lack of quality residential units.”
LaSalle was advised on this transaction by JLL for commercial, Hogan Lovells for Legal and Tax, Tassl for Technical advice
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 has acquired a modern residential asset in the centre of Berlin on behalf of the Encore+ Fund. This is the first residential investment since the inception of Encore+ in 2006.
This is Encore+’s first residential investment and is a result of the Fund’s strategy to increase its exposure to alternative assets, particularly in the strongest Western European cities. Berlin has seen a major uplift in demand as the city’s status has risen in recent years, driven by its success as a hub for digital and creative industries as well as the expansion of Government departments returning to the City. Furthermore, it was recently ranked the world’s most liquid commercial property market.
Located at Lindenstrasse 73-75b, the residential asset was constructed in 2014 and consists of approx. 200 units, each with a balcony or a terrace, and offers underground parking. It is centrally situated in Berlin’s popular Kreuzberg district, one of the most attractive and lively neighbourhoods in the city with a mix of offices, retail, gastronomy, and cultural attractions. The asset lies in an excellent location, only a short walking distance from Gendarmenmarkt and Checkpoint Charlie.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “We are really happy to continue our asset typology diversification thanks to this acquisition. This is an exciting first residential investment that will provide Encore+ with long-term stable income. Berlin’s residential market is highly liquid and offers a very beneficial supply/demand dynamic, with current supply covering less than 1 per cent of actual housing demand.
Andreas Wesner, Head of Investment for Germany at LaSalle Investment Management, said: “This is the ideal first residential investment for the Fund since it is a modern building in an excellent location in Berlin. In the past months we were refining Encore+’s investment strategy in the residential segment and Lindenstrasse 73-75b fulfils all our targeted criteria. The asset is a great starting point for building up a portfolio of similar assets for our investors.
LaSalle was advised on this transaction by Mayer Brown LLP (Legal), Arcadis (Technical), CBRE (Buy side) and Cushman & Wakefield (Valuation). The seller was advised by Greenberg Traurig LLP (Legal) and Colliers (Transaction Broker).
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 has completed the sale of a core logistics asset in Greater Milan, Italy for €35 million to AXA Investment Management. The disposition follows a strategic decision of the Fund to exit the Italian market while creating superior investment performance.
The asset is located in Liscate, approximately 16 km east of Milan’s city centre, and benefits from strong road transport infrastructure within close proximity. Its strategic location sits next to Milan’s East Ring Road and the new “Bre.Be.Mi.” (Brescia-Bergamo-Milan) motorway, providing easy access to the key cities of Northern Italy.
The standalone asset comprises c. 46,000 sqm of purpose-built single-storey logistics space, which is spread across two blocks and includes 102 loading bays, office space and a canteen. It is fully let to an institutional grade tenant on a strong covenant, offering long term income visibility, while the high-quality asset offers the flexibility to be multi-tenanted if required.
Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, said: “This disposition has been a planned and well-executed transaction by our team, where we have swiftly exited a country which no longer fits with our Fund strategy and sold an asset at a very attractive price, generating an excellent return for our investors.”
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 is pleased to announce the first close for LaSalle Real Estate Debt Strategies IV (“LREDS IV”), the fourth fund in its flagship LaSalle Real Estate Debt Strategies series (“LREDS”), with €435 million of aggregate commitments. This strong first close puts the Fund on target for achieving a capital raise of €1 billion.
The commitments, originating from both existing and new clients to the LREDS series, come from a broad range of pension funds and insurance companies across Europe and Asia.
LREDS IV’s investment strategy focuses on mezzanine debt investments secured on real estate across Western Europe with a focus on Germany, Netherlands, UK, France and Spain offering compelling risk-adjusted returns with downside protection and high cash-on-cash yields.
In addition to mezzanine debt investments, LREDS IV offers whole loans, capex and development financing solutions. LaSalle’s European Debt & Special Situations platform has been investing across both the traditional asset classes such as office, logistics and residential, as well as alternative asset classes such as student housing and self-storage.
The Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the platform has committed €3.4 billion to investments across 78 individual transactions.
Amy Klein Aznar, Head of Debt & Special Situations for LaSalle Investment Management, added: “I am delighted with the launch of the latest fund in our flagship LREDS series, where we have an exceptionally strong track record over the last decade. The team has already completed several debt investments this year, working with strong sponsors and senior banking partners across Europe, which has reinforced our position as a leading debt provider in the market.”
The launch of LREDS IV is also complementary to other funds within LaSalle’s European Debt & Special Situations platform which offers wide ranging financing solutions. This includes the €900 million LaSalle Whole Loan Strategies offering whole loans across Western Europe, the €1.5 billion LaSalle Residential Finance series offering residential, student housing, hotel, and healthcare development lending, and the £225 million Special Situations Venture which invests alongside sponsors via inter alia preferred equity, joint-venture equity, higher leverage mezzanine.
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”), today announces that Philip La Pierre has been appointed to the role of CEO of Europe, with effect from 1st October. He will oversee all operations and strategies across Europe.
As a member of LaSalle’s senior team in Europe, Mr. La Pierre has served as Head and CIO of Continental Europe for the firm since joining in June 2018. Based in London, he will report directly into Jeff Jacobson, LaSalle’s Global CEO. In his new role, Mr. La Pierre will have overall responsibility for LaSalle’s $23 billion AUM pan-European real estate business and will join LaSalle’s Global Management Committee.
During Mr. La Pierre’s leadership, LaSalle’s Continental Europe business has seen strong growth, having overseen growth of the region’s AUM by 30 per cent to $10.3 billion and registering over $4 billion of transactions since he joined in June 2018 to date.
A German national with 20 years of experience in real estate and having overseen over €10 billion of global real estate investments, Mr. La Pierre has built up a distinguished reputation in the German and broader European real estate market. Prior to LaSalle, he was Co-Chief Investment Officer at Corestate Capital. Before this, he spent eight years at Union Investment Real Estate in various leadership roles, including the Head of Investment Management Europe and later becoming the Global Head covering the Americas and APAC Region.
Mr. La Pierre’s appointment follows his predecessor, Karen Brennan, being appointed as Jones Lang LaSalle Incorporated’s Chief Financial Officer. JLL is the parent company of LaSalle Investment Management.
Jeff Jacobson, Global CEO at LaSalle, said: “Philip has already played a key role in our success in Europe and I am confident that he will help us to strengthen our position as one of the region’s leading real estate investment managers. This is a pivotal moment for our firm and for our sector, and we are very fortunate to have someone with Philip’s talent, knowledge and experience leading us in Europe at this time.”
Philip La Pierre, CEO of Europe at LaSalle, commented: “It is a privilege to be the next leader of our European business. Given the strong foundations which have been set across the region, I look forward to continuing to work closely with Jeff and the regional leadership team to generate superior investment performance on behalf of our clients, drive the long-term growth of our business, and advance our global position.”
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.
The COVID-19 crisis has created unprecedented dispersion in the performance of the different types of principal real estate assets, primarily by accelerating pre-existing trends affecting European property markets, according to the 2020 Mid-Year Investment Strategy Annual (“Mid-Year ISA”) published by LaSalle Investment Management (“LaSalle”), the global real estate investment manager. While global transaction volumes fell sharply in H1 2020, long-standing factors such as the rise of logistics, the decline of apparel retailers and the mainstreaming of alternative sectors continued to drive real estate investment flows in the first half of the year
LaSalle clients can view the full report at: https://www.lasalle.com/research/reports/2020-isa-mid-year-update
The report’s findings included:
Jacques Gordon, Global Head of Research and Strategy at LaSalle Investment Management, said: “Despite the considerable uncertainty that has unfolded in the past six months, many of our previous strategic recommendations are holding true globally. We have consistently advocated increased exposure to logistics and advised that retail investments are concentrated in open-air assets, which have navigated the crisis better than enclosed malls. We believe that human capital will continue to thrive by returning to safe and secure offices throughout metropolitan areas, once work from home guidance is lifted. Our approach of limiting exposure to co-working operators as tenants but building out a proprietary flexible office offering has proven to be sound advice. Persistent income streams throughout the crisis have demonstrated the resilience of many office assets class globally. As economies reopen, there is an opportunity for investors to focus on the fundamentals and secular trends of demographics, technology and a more cautious approach to urban density.”
Simon Marx, Director of UK Research at LaSalle Investment Management, said: “The different risk-return characteristics of each property type come to the fore in a downturn and we have been encouraged by the resilience of our preferred strategies in Europe. Despite market illiquidity continuing to constrain deal flow, we see a range of sectors offering compelling investment opportunities, both in the UK and on the continent, in the latter half of the year. In the UK, long-income assets, such as ground leases and income strips, remain highly attractive relative to investment-grade bonds and offer a partial hedge to the risk of inflation in the medium term.”
About LaSalle Investment
Petra Blazkova, Director of Continental European Research, said: “On the continent, urban logistics, residential assets and even office properties offering secure income in markets with strong occupier fundamentals can be a high-quality defensive or income-generating addition to a portfolio. Meanwhile, throughout Europe, real estate debt strategies such as whole loans, mezzanine debt, development finance and other special situations can provide exposure to attractive supply-demand dynamics across the risk-return spectrum.”
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”) today announced that Brian Klinksiek will join LaSalle as Head of European Research and Global Portfolio Strategies, effective 15 September 2020. Based in London, he will report to Global and Interim Europe CEO Jeff Jacobson, as well as Global Head of Research & Strategy Jacques Gordon.
Mr. Klinksiek will lead LaSalle’s European Research & Strategy team responsible for forecasts of property markets, capital markets and metro economies across the region. Additionally, Mr. Klinksiek will take on a leading role in helping set LaSalle’s global strategy outlook, relative value assessments and portfolio strategies. He will work closely with the firm’s global clients and portfolio managers in developing and implementing comprehensive, integrated global investment strategies. Mr Klinksiek will also lead the expansion and enhancement of LaSalle’s global analytical tools and support the firm’s capital raising and investor relations activities.
Mr. Klinksiek joins LaSalle after spending nearly 17 years in various research and strategy leadership roles at Heitman, with diverse experience across a wide range of markets and property sectors in Europe, North America and Asia. He most recently served as Director of Strategy & Research Operations, based in Hong Kong, focused on global portfolio strategy and developing Heitman’s framework for global portfolio construction. Prior to that, he built and managed a new on-the-ground investment strategy and research capability in Europe for a period of 10 years. Mr. Klinksiek began his career in Heitman’s North America business, focused on research analysis across a wide range of property types and risk categories.
Jeff Jacobson, LaSalle Global CEO, said: “We are delighted to welcome Brian to LaSalle, and look forward to his leadership for this new role. I am confident that his wide-ranging experience and impressive track record will enhance our Research & Strategy platform and offer our clients a unique and sound perspective on European and global investment opportunities.”
Jacques Gordon, Global Head of Research & Strategy for LaSalle, commented: “Today more than ever, investors seek insights that are both tactical and strategic. LaSalle’s approach is to examine long-term secular and structural themes that can affect specific locations and markets when considering buy/hold/sell decisions. Brian’s depth of experience will serve our clients well as we advance through an unprecedented global recession and fragmented recovery.
Brian Klinksiek, Head of European Research and Global Portfolio Strategies for LaSalle added: “I am honoured to be joining LaSalle at a time when both European and global real estate remains a critical allocation for investors. I look forward to building off the impressive foundation and track record LaSalle has established and leveraging my experience to enhance the firm’s investment ideas and capabilities.”
About LaSalle Income & Growth Funds
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, today announces the sale of the “Sainte-Cécile” office building in Paris to Deka Immobilien for €165 million. The asset was acquired in March 2020 on behalf of LaSalle’s pan-European open-ended fund, Encore+, as part of a sale-and-leaseback transaction with BNP Paribas that also included the [adjoining] landmark office building “Bergère”.
Located on rue Sainte-Cécile in the 9th arrondissement, in the heart of Paris, the building offers 9,400m² of rental space, as well as 109 parking spaces. It combines three adjacent buildings, originally constructed in the twentieth century, which were combined in 2004. Two cut-stone façades were retained during the redevelopment, allowing the creation of an efficient and flexible space with an average area of c.1,450m² per floor.
LaSalle retains ownership of “Bergère”, the headquarters of BNP Asset Management (formerly Comptoir National d’Escompte de Paris), located at number 14 rue Bergère. With a rental area of 26,400m², it is renowned for its striking façade and exceptional architectural features, such as the main atrium and the monumental staircase, and was the first building in France to obtain HQE certification for building quality subsequent to renovations. The surrounding area hosts a thriving cluster of technology companies and offers a large number of services and a wide range of shops, restaurants, hotels, cinemas, theatres and other amenities.
Beverley Kilbride, France Country Manager at LaSalle, said: “I congratulate our team for successfully completing this sale and executing our strategy at a time of market turbulence. The 9th arrondissement is one of the most popular districts with tenants in Paris, particularly due to the presence of major technology companies. The assets that we manage here are perfectly suited to meet the expectations of the younger generation, both today and in the future, for a central and high-quality working environment.”
David Ironside, Fund Manager for Encore+ at LaSalle, adds: “We are very pleased to have completed the sale of Sainte-Cécile, which was the final stage of our wider “Bergère and Sainte-Cécile” acquisition strategy. The resilience of the location and the rental income of Bergère, in addition to the returns from the sale of Sainte-Cécile, represent a very positive contribution to the performance of the Encore+ fund for our investors.
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 managed the acquisition of a portfolio of two inner-city logistics parks in Warsaw on behalf of LaSalle E-REGI. The portfolio was developed by Panattoni Europe, the largest logistics developer in Europe.
The City Logistics Warsaw Airport and City Logistics Warsaw City North logistics parks are both located within the inner-city area of Warsaw. The city is one of Europe’s most popular logistics markets: despite increasing levels of supply, Warsaw’s logistics vacancy rate has trended downwards from above 20% in 2010 to a current level of 6.5%, due to strong demand. These market conditions are in part driven by the city’s location, which benefits from being situated near to the A2 motorway. The strategic transport route links Warsaw and Lodz, the most significant logistics markets in Poland, and connects the country directly to Western Europe through Berlin.
In total, the portfolio offers close to 25,000 m2 of rental space, comprising modern class A logistics space, flexible layouts that are adaptable to the needs of small and medium sized occupiers, and top-of-the-range technical specifications. The parks are both fully-let with a well balanced mix of tenants, including an international customs services and customs compliance firm, a logistics operator that works with some of Europe’s largest fashion brands, and the largest supplier of woodworking machinery in Poland.
Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, said: “Logistics has long been a target sector for the LaSalle E-REGI and recent events have only served to strengthen our view of the asset class. Given the rapid expansion of e-commerce – as well as Poland’s developing national road infrastructure, access to low-cost labour and relatively low rents compared to Western Europe – we expect that the portfolio will experience favourable demand fundaments over the coming years, providing long-term secured income for the Fund.”
LaSalle was advised by Allen & Overy as legal advisor, BNP Paribas as technical advisor and JLL as commercial advisor.
LaSalle has a strong track record of developing strategic relationships with best-in class partners, this being the third transaction with Panattoni Europe in the past year, following the acquisition of Panattoni Park Warsaw West in July 2019 and the development in Wroclaw.
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.
In recent years, many institutional investors have embraced the principles of responsible investing (PRI)(1) in order to shape a sustainable global financial system.
These principles seek explicit and measurable approaches to the adoption of sustainability standards in investment decisions and active ownership of assets. As a natural extension of the PRI, the field of “ethical investing” has grown quickly, as evidenced by rising capital allocations to vehicles that include ethical criteria [see Chart 1]. When these considerations are combined with financial criteria, the investment can be considered part of the growing universe known as “Impact investing”.
Impact investing refers to investments made with the specific intention to generate a measurable, beneficial social and/or environmental impact alongside a financial return. This rapidly evolving investment practice relies on the concepts of intentionality and additionality, the notion of generating a positive impact beyond what would otherwise have occurred. At its core, impact investing include procedures for reporting and accountability that ensure strategy and practice are aligned with both societal goals and financial objectives. Whilst impact investing is a natural progression from sustainability adoption [see Chart 2], we firmly believe that there should be a clear distinction between the two. Sustainability standards can be integrated into any investment process to ensure investments are socially, environmentally and ethically responsible. Impact investing goes one step further and includes the achievement of positive social and environmental outcomes as measures of success, in addition to financial criteria and meeting minimum standards for sustainability. Growing academic evidence supports the idea that “sustainability incorporation does not come at a cost”2. The academic literature on “impact investing” is still in its infancy, although financial economists have surveyed the definitions used by the first wave of “impact investing products” and found them to be remarkably consistent in terms of their emphasis on intentionality, financial returns, and impact measurement across a wide range of asset classes3.
[1] The PRI website introduces the principles for responsible investment here: https://www.unpri.org/
[2] See “What is the PRI?” https://www.unpri.org/
[3] Höchstädter, A.K, and Scheck, B. (2015) What’s in a Name: An Analysis of Impact Investing, Understandings by Academics and Practitioners. Journal of Business Ethics 132 (2), pp 449-475.
25 Rue de Clichy is a historical, 19th century office building in the heart of the tech cluster of Paris, near the central business district. The property was significantly renovated in 2012 and has its own underground car park with a very high parking space per square meter ratio as well as a private garden and auditorium, among many other unique selling points for single-tenant use. It also has excellent connections and is within a five-minute walk to Gare St Lazare providing access to the Paris Métro, RER and mainline rail connections, making it a well located and connected urban office building.
25 Rue de Clichy is located in one of the most attractive investment markets in Europe, with a large number of high-tech companies in the immediate vicinity. At the time of acquisition in late 2017, the property was rented at rates well below the market level, with a short remaining lease term. The LaSalle E-REGI team believed that there was significant unrealized value in the building, and in early 2020, a new nine-year lease was signed with a top-quality tenant at a rate that reflected the asset’s true value. The tenant has commenced large refurbishments to develop highest-standard office space with state-of-the-art technology facilities.
25 Rue de Clichy has been certified as “Excellent” by BREEAM due to its strong environmental credentials.
Office
Morrow, Frankfurt
A recently refurbished office building in Frankfurt’s west end
Industrial
Heinrich-Barth-Straße, Bonn
Single-tenant highway core logistics asset integrating a vast solar power system.
Residential
Lacus Quartier, Berlin
A modern residential property in a desirable part of the German capital
Important information
The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.
Important information about sustainability
A decision to invest should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering document before making any final investment decision.
Except where specified either in this webpage or any other documents, any sustainability or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such sustainability or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).
ECONOMIC IMPACT
CAPITAL MARKETS IMPACT
REAL ESTATE IMPACT
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces the provision of a £106 million loan facility to finance the development of two retirement villages in the South of England. The development loan has been extended from the LaSalle Residential Finance (“LRF”) programme to a recently formed joint venture between Audley Group (“Audley”), the UK luxury retirement village provider, and the UK Retirement Living Fund, which is managed by Schroders Real Estate, the investment manager, and Octopus Real Estate, the UK specialist real estate lender and investor.
The facility is secured against two luxury retirement villages to be developed by the joint venture and operated by Audley in Stanbridge Earls in Romsey, Hampshire, and Sunningdale Park in Sunningdale, Berkshire. Together the two villages will comprise over 250 for-sale residential units for over-65s and high-quality amenities. As demographic change drives increased demand for purpose-built retirement community real estate for the UK’s active adult population, the two schemes will address the significant undersupply within the affluent markets of Romsey and Sunningdale.
The financing of the two developments follows the announcement in August 2019 that Audley Group has formed a joint venture with the UK Retirement Living Fund, managed by Schroders Real Estate and Octopus Real Estate, to develop four sector-leading retirement villages with over 500 units in total, representing a total value of around £400 million.
Daniel Pottorff, Managing Director of Debt Investments and Special Situations at LaSalle Investment Management, said: “We are delighted to have provided this financing solution to the joint venture which further strengthens our relationship with the Audley team, having extended a loan from the LRF programme to the Group in 2017 for an urban retirement scheme in Clapham, London. This investment exemplifies our strategy of investing in demographically compelling segments of the residential market.”
The loan follows an extension of the successful LaSalle Residential Finance programme by a further £476m capital commitment, increasing the total size of the LRF programme (established in 2013) to £1.3 billion. LRF provides stretch senior and higher-leverage financing solutions for developments at loan-to-cost ratios of up to 80 per cent, with loans ranging from £20 million to in excess of £150 million. LRF’s current development lending activities focus on student housing, residential, hotel and healthcare development lending throughout the UK as well as student housing in Europe.
Amy Klein Aznar, Head of Debt Investments and Special Situations at LaSalle Investment Management, said: “We are excited to have further extended the LRF programme which continues to be backed by main investor APG. LRF focuses on bed-based investments and, in particular, on specific segments such as senior living and build to rent which remain structurally undersupplied. This is another example of our strategy of lending to market-leading sponsors to finance the development of best-in-class assets and marks the 15th debt investment completed on behalf of the LRF programme.”
Jon Austen, Chief Financial Officer at Audley Group, said: “We have a long-established track record of developing and operating retirement villages. Our JV structure with the UK Retirement Living Fund, managed by Schroders and Octopus Real Estate, allows us to execute our model in a less capital-intensive way while maintaining our first-class offering which the market continues to demand. We are pleased with the extension of this finance arrangement which reflects the strong growth in our sector.”
The LaSalle Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes and capital structures. Since 2010, the team has arranged approximately €4 billion of investments across more than 75 individual transactions.
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, the global real estate investment manager, announces the acquisition of an urban logistics facility north of Rotterdam, The Netherlands, on behalf of its pan-European fund Encore+, which increases the Fund’s exposure to the Dutch logistics market, one of the biggest in Europe. The asset has been acquired from ULP Bleiswijk B B.V., a joint venture between USAA Realco Europe B.V. and Somerset Capital Partners B.V.
The Bleiswijk Urban Logistics Center is very well located in the Randstad area, considered one of the most important logistics hubs in The Netherlands. It is 15km from the Port of Rotterdam, the busiest port in Europe that serves more than 500 million consumers across Europe, and is within reach of Amsterdam, The Hague and Utrecht as well as much of Western Europe. Take-up of Dutch logistics has increased 14% year-on-year but with federal planning restrictions limiting the development pipeline, rental growth, which is currently at 3.8%, is expected to continue.
The property offers over 60,000 m2 of flexible rental space, which can be easily adapted to changing tenant demands and target a wide range of occupiers. The building is currently very diversified, with tenants including the Dutch supermarket group Detailresult Group and Gist Nederland, the global logistics firm.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “Following the acquisition of numerous logistics assets in close proximity to some of Europe’s largest cities in 2019, this deal illustrates Encore+’s ongoing strategy of increasing exposure to strong logistics locations with limited supply. Across Europe we are seeing that the growth of e-commerce is driving demand for logistics and we expect this to continue, especially in The Netherlands where online sales account for only about 10% of total retail sales and are forecast to grow significantly in the next few years.”
LaSalle was advised on the acquisition by SOLID. Attorneys (legal), Drees & Sommer (technical) and Deloitte (tax). The seller was advised by Loyens & Loeff (legal), CBRE and 3Stone Real Estate (agents).
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, today announces that the LaSalle E-REGI (“the fund”) has exceeded €1 billion in asset value as of 14 January 2020. In 2019, the fund generated total returns of 10.9%, driven by strong rental growth and successful sales, and has now recorded three-year total return figures of 8.7%.
The open-ended pan-European real estate fund, which was launched in 2011 via LaSalle’s regulated AIFM platform in Germany, passed the threshold after LaSalle E-REGI had successfully raised over €200 million in equity commitments, including five new institutional investors, in 2019.
LaSalle continued to deploy capital from the fund into office, hotel and logistics properties in transparent and high-growth European city regions in 2019, completing seven acquisitions with a cumulative value of €360 million.
LaSalle’s active management of the fund’s diversified core portfolio has enhanced the underlying properties’ sustainability credentials. The fund has been awarded the Green Stars award by the GRESB benchmark – the Global Real Estate Sustainability Benchmark – for the second year in a row, for sustainable real asset performance, and having achieved an occupancy rate of 97%.
The LaSalle E-REGI aims to generate stable income returns through investments based on a quantitative model, the European Regional Economic Growth Index (E-REGI), which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic impact.
Measured against the MSCI S-FIX Europe benchmark of 76 institutional real estate funds with a combined net asset value of c.€29 billion, the LaSalle E-REGI has achieved outperformance of 5.3%, 2.3% and 2.6% respectively on a one, three, and five-year basis.
Uwe Rempis, Fund Manager at LaSalle Investment Management, said: “When launching the LaSalle E-REGI, our intention was to create a diversified pan-European property fund with exposure to transparent markets in the strongest-growing city regions in Europe. Reaching the €1 billion threshold is a testament to the attractive and important investment proposition the fund offers to our institutional clients.
“The team’s dynamic and proactive fund management has enabled us capitalise on market opportunities, to selectively sell assets, to achieve a record year and to extend our excellent track record in terms of fund performance. As we begin 2020, we will prudently grow the fund, we will remain focused on select investment opportunities in growth cities which we deem accretive to the fund’s target returns.”
Rene Hoepfner, Head of Client Capital DACH region at LaSalle Investment Management: “LaSalle has seen significant interest in LaSalle E-REGI from our pension industry investors. Our investors want a well-diversified core portfolio with both a long and strong track record, in combination with strong sustainability credentials, and we are dedicated to helping our clients achieve those goals. The LaSalle E-REGI has both unique investment characteristics and excellent performance. We expect more capital inflow from German institutions going forward.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $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, today announces the sale of General Lacy 23, a heritage building in Madrid, which has become the first office building in the country to be given LEED Platinum green building status following a major refurbishment. LaSalle has sold the former tobacco warehouse to CBRE Global Investors, having acquired the property in late 2018 on behalf of a German pension fund.
LEED (Leadership in Energy and Environmental Design) certification is the most widely used green building rating system in the world. Platinum is the highest award available and this now indicates that General Lacy 23 is one of Spain’s most sustainable and environmentally friendly buildings.
The property is located south of Madrid’s central business district, in the Méndez Álvaro district. It offers close to 7,000m2 of office space and is fully occupied by Repsol Electricity and Gas HQ, part of the Spanish oil company. The sale was completed against a backdrop of rising demand for commercial real estate in Madrid, with vacancy rates having dropped 3% from their 2014 peak to 9.3%.
Uwe Rempis, Head of Fund Management for Germany at LaSalle Investment Management, said: “We’re delighted to have harvested a strong capital gain and delivered stellar investment performance for our client through the sale of the General Lacy 23 office building. While we had intended to hold this asset for a longer period, this world-class refurbishment has generated considerable interest from the market. The refurbishment project reflected the extent to which addressing environmental change is driving our thinking on the future of real estate and the types of property in which we invest.”
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 advised its pan-European fund Encore+ on the acquisition of two hotel properties in Munich from Commerz Real.
The site is located in the economically vibrant north of Munich, within one of the fastest-developing micro locations in the city, with several commercial and residential developments, including the planned Knorr-Bremse area development. The site comprises both an Ibis budget and Adagio access hotel with a total of 322 rooms, c.10,000m² of rental space and direct public transport links with the metro to Munich city centre.
Munich is a leading business destination in Western Europe, the third largest German city with 1.54 million inhabitants and the fastest-growing city in Germany. It is also one of the leading tourist destinations in Europe, having received 8.2 million visitors in 2018.
The acquisition is the first hotel investment for Encore+, following its strategy to further diversify the fund by acquiring alternative assets, notably leased hotels in the strongest Western European cities. The Munich hotel market is a national leader in terms of Average Room Rates, Revenue Per Available Room (RevPAR) and adherence to LaSalle’s proprietary “DTU+E” criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment. It follows the Fund’s prior acquisitions in Munich of Westend Yards in March 2019 and the ElseBella portfolio of two office properties in December 2018.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “We are delighted to have made this acquisition. Munich is a leading European business and tourist hub. The site has excellent public transport and an outstanding track record. Munich has higher occupancy rates than the average German budget market and is growing rapidly. Our investment adds both diversity and exposure to Munich’s hotel market, offering returns to complement the portfolio.”
Andreas Wesner, Head of Investment for Germany at LaSalle Investment Management, said: “This is our first move into the alternatives market, and an important acquisition for Encore+. The assets have a particularly resilient track record in a hotel market benefiting from strong tailwinds, where the key performance metrics already surpass the national average. We’re very pleased to have been able to complete this acquisition on behalf of our investors.”
LaSalle worked on the transaction with Greenberg Traurig (Legal & Tax), Arcadis (Technical), Knight Frank (Valuation) and Colliers International (Buy-Side Advice). The seller was advised by CBRE and Taylor Wessing (Legal & 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.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has announced the acquisition of the prime office building Morrow in Frankfurt’s Westend. The purchase agreement has been signed on behalf of the LaSalle E-REGI fund (“the fund”), with closing in July 2020. LaSalle has acquired the asset from Projektentwicklung Oberlindau GmbH, a joint venture between Art-Invest Real Estate and Red Square.
Morrow, which is currently undergoing a core refurbishment that is scheduled for completion in July 2020, offers over 7,000 m² of lettable space across 11 floors. Its six terraces starting on the fourth floor, offering a unique view of the Frankfurt skyline, are a key feature of the building.
The property is located in Frankfurt’s Westend, one of the city’s most sought-after residential and business districts, in the immediate vicinity of Rothschild Park and the CBD, the centre of Germany’s financial services sector. Morrow has excellent public transport connections: Frankfurt Central Station is less than 10 minutes away by car and Frankfurt Airport less than 20 minutes.
Morrow is recognised by DGNB, the German Sustainable Building Council, as being developed to the highest possible sustainability standards and is set to receive a DGNB Platinum certificate as well as a WiredScore certificate.
Uwe Rempis, Fund Manager of the LaSalle E-REGI fund at LaSalle, said: “The acquisition of Morrow once again demonstrates the success of our forward-looking investment strategy. For the LaSalle E-REGI fund, we are focusing on logistics and, above all, on office investments in Germany’s top cities which offer the greatest potential for economic growth in the long term. This forward deal secures the fund a repositioned core property with attractive risk-adjusted return prospects for our investors.”
Andreas Wesner, Head of Acquisitions for Germany at LaSalle, added: “This is a promising acquisition for the LaSalle E-REGI fund in one of the most stable office markets in Europe. The vacancy rate in Frankfurt is at its lowest level in 20 years, while the development pipeline is limited. Brexit will further enhance the demand: global financial institutions and service providers will increasingly look for first-class office space outside of London. On this basis, we expect the overall demand to grow in the coming years and thus a secure long-term income stream for Morrow as well. The refurbishment will significantly improve the quality of the building and thereby increase its attractiveness for new tenants.”
Stephen von der Brüggen, Partner and Head of the Frankfurt office of Art-Invest Real Estate, said: “With its excellent location and high-quality development, Morrow will impress both the property’s tenants, which include McDermott and Andersen Tax & Legal, as well as investors. We are delighted to have found an excellent buyer for our property in LaSalle Investment Management and would like to thank them for the swift and smooth transaction.”
Gerald Tschörner, Managing Director of Red Square, commented: “The revitalisation will allow Morrow to be repositioned and bring the property back to life. The flexible floor plans and highest technological standards equip the building perfectly for tenants’ ever-changing needs. Morrow will be a place that offers its users a modern, innovative and sustainable workplace that promotes a healthy working atmosphere.”
LaSalle was advised on the acquisition by Linklaters (legal) und W+S Real Estate (technical). Art-Invest Real Estate and Red Square were advised by GSK Stockmann. The broker was CBRE.
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, today announces the acquisition of a logistics development in western Germany on behalf of LaSalle E-REGI via LaSalle’s regulated platform in Germany. The asset has been acquired from the German logistics subsidiary of a Cologne-headquartered online retailer, in a sale-and-leaseback transaction.
The logistics property is a high-quality new-build development, which was completed in September 2019. It has a total area of over 44,000m2. The asset is currently single-let to a logistics subsidiary on a 10-year term and will serve as the tenant’s European logistics headquarters.
The property is located in Euskirchen in the greater Cologne region of North-Rhine-Westphalia, Germany’s largest state by population. It is situated 30km from Bonn, 40km from Cologne and 70km from Aachen and is well connected to the major A1, A61 and A565 highways which form an integral part of the regional motorway network.
Uwe Rempis, Fund Manager at LaSalle Investment Management, said: “We’ve been steadily increasing LaSalle E-REGI’s exposure to the logistics sector to capitalise on the strong tailwinds provided by the continued growth of e-commerce and online retailing. With the large population of the greater Cologne region served by a relatively low and constrained supply of modern logistics properties, this investment in a state-of-the-art facility in Euskirchen will offer our investors stable long-term returns and attractive yield.”
Andreas Wesner, Head of Acquisitions for Germany at LaSalle, said: “This is a very well-located asset in an area with scarcity of available logistics space. Due to its long-term lease structure and high flexibility in regards of third-party usability, this is an excellent fit for LaSalle’s pan-European fund and highlights our ability to source high-quality assets.”
LaSalle was advised by Pinsent Masons (legal), Gleeds (technical), Colliers (commercial) and Knight Frank (valuation).
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, today announces the appointment of Petra Blazkova as Senior Strategist within its European Research & Strategy team, with responsibility for overseeing Continental European market analysis from the London office.
Petra joins LaSalle from Real Capital Analytics, where she had worked as Senior Director, Asia-Pacific Analytics, since 2015. Prior to that she was based in Singapore as Head of Asia Pacific Capital Markets Research at CBRE, having joined the company in 2011. From 2008 to 2010 she was Head of EMEA Capital Markets Research within the Capital Markets division of JLL, the commercial real estate services firm of which LaSalle is an independent subsidiary, where she executed research to inform the direct and indirect European real estate allocations of leading institutional clients. She previously held research roles focused on the European real estate market at King Sturge (now merged with JLL) and Colliers International.
In her role, Petra will report into the Head of Research and Strategy, Europe.
Jacques Gordon, Global Head of Research & Strategy at LaSalle, says: “Petra is a great addition to our European Research & Strategy team, and we are delighted to welcome her to LaSalle. She brings extensive experience in providing detailed insight into real estate markets and investment trends to a blue-chip client base of institutional investors, fund managers and developers. LaSalle is committed to providing our clients with market-leading analysis that allows them to tailor their real estate allocations and investment strategy to their specific needs and Petra’s appointment will further enhance our proprietary research and coverage of the European market.”
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, today announces the sale of a warehouse and distribution facility currently leased to Hobbycraft, the UK-based arts & crafts retailer, in Burton upon Trent for a further 8 years. The asset has been acquired by Cabot Properties, for £20 million.
The Hobbycraft facility is based in the Centrum 100 Business Park and comprises a total area of c.213,000 sq ft. Built in 2006, the asset is a modern and high-quality facility that conforms with institutional-grade specifications for industrial properties. LaSalle acquired the property in 2013.
Sophie Simmonds, Fund Manager at LaSalle Investment Management, said: “We’re pleased to have realised a highly competitive return for our client on this investment, driven by both capital growth and the stable rental income generated during the asset’s six-year hold period. Investor appetite for distribution and logistics properties remains strong and we will continue to capitalise on this buoyant market to focus our industrial investment in those assets that combine prime locations, strong transport connections and attractive supply-demand dynamics.”
LaSalle was advised on the sale by Savills.
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 $67 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 https://www.lasalle.com, and LinkedIn.
Investing Today. For Tomorrow.
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.
About Cabot Properties
Formed in 1986, Cabot was founded with the vision of bringing together a collaborative team of experienced real estate professionals dedicated to creating portfolios of profitable investments through the execution of sound and disciplined strategies. The six senior principals have collectively spent 18 years together executing industrial real estate transactions in markets across the U.S. and Europe and through multiple real estate cycles. In its 30 plus year history, Cabot has invested $9.6 billion in 181 million sf of industrial real estate, of which $7.3 billion has been realized. During this time, Cabot has managed and operated over 1,390 buildings comprised of over 3,800 tenants.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has advised its pan-European fund Encore+ on an acquisition of an urban logistics warehouse on the edge of Paris. The property is single let to a blue-chip tenant.
The property is located in Gonesse, a popular and well-established logistics submarket in the north of the city of Paris. It is ideally situated on the main distribution axis between north and south France, strategically located at the crossroads between the A1 and A3 motorways and close to both Paris-Le Bourget Airport and Charles De Gaulle Airport.
Gonesse’s thriving urban logistics market hosts globally renowned occupiers such as Amazon and the logistics group GEODIS. The area is also set for development as two new metro stations of the line 17 will be built in the vicinity of the property as part of the Grand Paris project. In addition, the €3bn EuropaCity project, a major retail, residential and cultural hub, is expected to be developed on the adjacent land plot.
The property is fitted to a class A specification and offers close to 25,000m² of rental space, consisting of four storage cells, 26 docking bays and office space.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is a great asset close to Paris in one of Europe’s fastest-growing logistics markets. Thanks to the significant growth of e-commerce in France – the online share of total retail sales in France is currently growing at a double-digit rate – the demand for urban logistics continues to increase. The development of the town of Gonesse will be a constraint on the supply of further logistics capacity in the area. This indicates that the asset will experience a positive supply-demand dynamic while delivering long-term secured income in the coming years.”
Beverley Shadbolt, Country Manager for France at LaSalle Investment Management adds: “After the acquisition and development of our logistics project in Tigery announced at the beginning of the year, this is another important acquisition for Encore+ that strengthens our position in the logistics sector in France. It once again proves our ability to seize excellent opportunities in France.”
LaSalle was advised by C&C (Notary), Baker McKenzie (Lawyers), Etypo (Technical) and KPMG (Tax).
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
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 flexible-use warehouse fully let to the discount supermarket chain DIA. The asset, which is located near Zaragoza in Spain, has been acquired on behalf of LaSalle’s E-REGI fund for over €20 million.
DIA Logistics was completed in 2016 and has over 31,000m2 of rental space, around 200 parking spaces and more than 60 loading docks. The property is capable of supporting multi-tenant use, including over 13,000m2 of cold storage divided into six separate modules. DIA, the sole tenant, operates more than 7,000 stores internationally, making it one of Europe’s largest food sector franchises.
Zaragoza is located in one of the most attractive logistics markets in Spain, benefiting from its proximity to Madrid, Barcelona, Valencia and southern France. The city is a key freight corridor between the Mediterranean and Atlantic coasts, with transport infrastructure including Zaragoza Maritime International, the second biggest dry dock in Spain, and Zaragoza International Airport, the third largest cargo airport in Spain by volume.
Uwe Rempis, Fund Manager at LaSalle said: “This is an important acquisition for the E-REGI fund as it increases our investors’ exposure to logistics, one of our target sectors. Spain’s logistics market is particularly attractive as it has experienced strong occupier demand in recent years, largely thanks to the growth of e-ecommerce, which is deriving demand for strategically located, large logistics units than can serve the whole country. We expect this trend to continue and so are pleased that we have been able to advise on this acquisition.”
LaSalle E-REGI is an open-ended pan-European real estate fund that aims to generate stable income return from a diversified core portfolio (office, retail, logistics) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI), which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term. The Fund also includes additional screening filters such as JLL’s Global Real Estate Transparency Index and minimum market size.
LaSalle was advised by Hogan Lovells (legal); KPMG (tax) and Malcom Hollis (technology), RPEurope (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”), the global real estate investment manager, today announces that Richard Craddock has joined to the Debt & Special Situations team in Europe, headed by Amy Klein Aznar. Richard joins as Managing Director for its successful Whole Loan programme (LWLS I/II) which launched earlier this year with €600 million of initial commitments and invests in whole loans across Western Europe, with an initial focus on France, Benelux, Iberia, and Ireland.
Richard has over 12 years of experience in the European real estate finance market and joins the team from Wells Fargo where he was a Director of Commercial Real Estate, supporting investors in originating and structuring financing solutions across a wide range of asset classes and funding structures.
Amy Klein Aznar, Head of Debt & Special Situations at LaSalle, says: “Richard is a great addition and strengthens our senior Debt and Special Sits team. I am delighted that Richard is joining to focus on our successful and growing Whole Loan debt strategies. Given the growth and heightened investment activity of our Debt and Special Situations business in recent years, we have made a number of strategic hires and grown the team to over 30 people and we are well placed to capture investment opportunities across Europe.
LaSalle’s Debt & Special Situations has raised €4.5 billion to date, providing borrowers with a wide range of financing solutions by actively investing through its four complementary investment strategies: LaSalle Real Estate Debt Strategies (LREDs), LaSalle Residential Finance (LRF), LaSalle Whole Loan Strategies (LWLS) and Special Sits. LaSalle provides whole loans, mezzanine, development finance, stretched senior loans, preferred / joint venture equity across the UK and Western Europe.
The Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the team has committed €3.6 billion of investments across 72 individual transactions.
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, is pleased to announce that it has arranged over €200 million of mezzanine loans to refinance three portfolios of last mile logistics and industrial assets for real estate funds advised by Blackstone. The portfolios include 264 assets located in key urban locations throughout Germany, Netherlands, France and Denmark.
The deals are part of the latest fund in the LaSalle Real Estate Debt Strategies programme, LREDS III, which raised over £800 million of commitments in 2017. Through the LREDS III fund, LaSalle’s Debt Investments and Special Situations team invests across Western Europe, lending against assets which offer compelling risk-adjusted returns across mezzanine and whole loan investment opportunities. LREDS III is ahead in terms of its deployment schedule, having committed to over £360 million of loans to date in 2019. This accelerates the fundraising for the successor fund in the series, LREDS IV, which has a target capital raise of €1 billion and is set to launch later this year.
Ali Imraan, Managing Director, Debt Investments & Special Situations at LaSalle said: “We’re delighted to provide financing to Blackstone in the build-up of their strategic European last mile logistics portfolio, Mileway. These three mezzanine loans follow on from two previous financings of the same strategy that we have done for Blackstone in 2018 in the UK, Germany and Netherlands. It also undelines our ability to underwrite large pan-European portfolios, leveraging the breadth of our European business.”
Amy Klein Aznar, Head of Debt Investments & Special Situations at LaSalle said: “We have been large and consistent providers of debt in the European Logistic space and these latest investments are a continuation of our support for Blackstone, which started with the build-up of the Logicor logistics portfolio in 2012.
Overall, we have arranged over £700 million of financings over the past several years in European Logistics for our LREDS and Whole Loan series across all major Western European countries.”
The Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the team has committed €3.6 billion of investments across 72 individual transactions.
LaSalle’s European debt series also includes the €1 billion LaSalle Residential Finance series (LRF III) which is active in residential, student housing, hotel, and healthcare development lending, throughout Western Europe and the UK and the €600 million LaSalle Whole Loan Strategies programme, launched in December 2018, whose strategy is to originate and hold whole loans with loan-to-values ranging from 70 per cent up to c.80 per cent across various asset types, and targets financings between €25 million and €100 million plus.
Eastdil acted as Debt Advisor to Blackstone.
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.
Simon Marx, Investment Strategist, was interviewed by Dani Burger on Bloomberg Daybreak LIVE on Monday morning, discussing findings from the LaSalle E-REGI Index 2019 on European economic growth and the top European cities in which to invest. For 20 years, LaSalle has published its annual European Regional Economic Growth Index – or “E-REGI” – which identifies the European regions and cities with the best growth prospects. The index judges the relative strength of future occupier demand for commercial real estate and proves valuable as the basis of any real estate investment strategy.
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.
London tops Index for 11th time since 2000 Almost all cities in the UK improve in this year’s ranking Manchester overtakes Edinburgh to be the second-highest ranked UK city
For the third year running and the 11th time since 2000, London has retained the top spot on the European Regional Economic Growth Index (“E-REGI”), published today by LaSalle Investment Management (“LaSalle”), the global real estate investment manager. The Index recognises London’s medium-term economic growth prospects as the best in Europe and shows that despite Brexit uncertainty, the UK capital remains the continent’s leading market for future real estate occupier demand.
The E-REGI Index attaches a score to each European region based on its medium-term economic growth prospects, its level of human capital and wealth and the quality of the business environment, relative to the European average. Almost all UK cities improved in the ranking, with Manchester (33rd), Glasgow (51st) and Liverpool (58th) all rising more than 15 spots compared to other cities in Europe. This can be mainly attributed to an improved service employment outlook – for example, in Manchester strong expected employment growth in professional activities and administrative & support service activities has contributed significantly to the city overtaking Edinburgh (34th) as the second-highest ranked UK city.
Despite many of the UK’s cities closing the gap on the capital, London also improved its relative score and even extended its lead on Paris in second place, again primarily due to a more positive service employment outlook compared to last year. The ranking is based on an assumption that the UK will exit the EU with a deal by March 2020 and remain in a customs union with the EU for an extended period. LaSalle recognises that a no-deal Brexit would negatively impact the rankings of the UK’s cities, with London most exposed.
Simon Marx, Director of Research & Strategy at LaSalle said: “Much has changed during the 20-year history of the E-REGI Index, but London has always held a spot close to the top of the Index, despite numerous economic challenges in the past two decades, from the dotcom crash to the global financial crisis. While the outcome of Brexit will clearly have a significant impact on London’s ranking, the city has showed tremendous resilience over the last two decades and remains unparalleled in Europe in terms of the scale, flexibility and diversity of its workforce and skills base.”
He added: “The E-REGI Index identifies the European regions and cities with the best economic growth prospects, which when combined with detailed real estate knowledge, supply-side information and relative pricing has proved to be a valuable tool for portfolio construction, determining real estate market outperformance and investment strategy throughout its 20 year history.”
Other highlights of LaSalle’s 2019 E-REGI Index:
Looking ahead, there are also factors which are not currently captured by the E-REGI Index and that are becoming increasingly important to the success and ultimately real estate performance of cities. Factors such as sustainability, urban density, liveability and wellbeing, climate change resilience and accessibility are becoming increasingly important and data availability enabling the measurement and comparability of these factors across geographies is improving. Looking ahead at the next 20 years the E-REGI Index will attempt to systematically capture features such as environmental quality including air quality, housing affordability, the quality of transport, the quality of social infrastructure, the presence of innovation industries and the widespread lack of mixed-use assets.
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 is pleased to announce that its German business, LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH (KVG), has appointed Roberto Carrera to the role of Managing Director. The KVG was founded in 2010. The KVG manages €4.8 billion in AUM as of June 30th 2019.
The Board of Managing Directors of the KVG now consists of the following three Managing Directors: Roberto Carrera, Uwe Rempis and Stefan Pelkofer. These responsibilities, in turn, are divided as follows; Uwe Rempis is responsible for overseeing all matters relating to Fund Management and Investment; Stefan oversees Finance, Risk Management, Compliance and HR matters and Roberto will oversee Asset Management, Financing and Public Relations.
Roberto is the European Head of Financing, based in Munich, having been with LaSalle since 2012. Since then, he has overseen €6.7 billion of borrowing and debt arrangements for LaSalle across multiple European jurisdictions, several asset classes and investment styles. He has over 20 years of experience in corporate and commercial real estate finance across Europe, having worked in Paris, Madrid and Munich.
Jamie Lyon, the Chairman KVG Supervisory Board at LaSalle, said: “I am delighted to announce that Roberto has joined the Board of the KVG. His experience across multiple European jurisdictions will be invaluable to the business and underlines LaSalle’s commitment to its KVG business and its importance within our European platform.”
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.
Long-term leased asset for the open-ended pan-European real estate fund LaSalle E-REGI KONTOR is part of the development project “Wirtschaftswunder” in central location
LaSalle has acquired the KONTOR office building in Berlin on behalf of LaSalle E-REGI. The seller is PW Real Estate Fund III, a real estate fund affiliated with Aermont Capital.
KONTOR is centrally located in Berlin-Schöneberg between Potsdamer Platz and City West and is leased on a long-term basis to the agricultural seed producer KWS. The building is part of the commercial ensemble “Im Wirtschaftswunder” by Aermont Capital in collaboration with Pecan Development. The building offers almost 10,000m² of leasable space over seven floors and two roof terraces. The KONTOR is currently undergoing fundamental renovation with completion scheduled for the end of 2019. After the renovation, all rented spaces will meet industry standards for high-quality building technology.
“Im Wirtschaftswunder” is being created as construction and revitalization project with c. 33,000 sqm leasable space at the former Commerzbank property at Potsdamer Straße. In addition to KONTOR the ensemble comprises also FORUM and the new building ZENTRALE, which shall function as the new German headquarters of Sony Music Entertainment.
The Berlin office market is the fastest developing office market in Germany. It has grown by more than 15 per cent since 2012. The demand for such properties is robust and is expected to further develop positively in the coming years. The vacancy rate has been declining for at least a decade and is currently at an all-time low of 1.4 per cent.
Uwe Rempis, Fund Manager of LaSalle E-REGI, says: “The Berlin office market is likely to remain friendly to long-term investors. Despite intensive construction and development activity, the total number of space is predicted to rise by 2 per cent in 2019 alone and we see no signs of easing. Therefore, we also expect a positive development in rental income for our investors. The property thus fits perfectly into our strategy, which focuses on investments in core locations in major European cities and capitals”.
LaSalle E-REGI is an open-ended pan-European real estate fund that aims to generate stable income return from a diversified core portfolio (office, retail, logistics) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI), which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term. The Fund also includes additional screening filters such as JLL`s Global Real Estate Transparency Index and minimum market size.
LaSalle was advised by Mayer Brown LLP (legal); Gleeds (Technical); Howden (insurance broker); Liberty (Insurance for W&I); Knight Frank (valuation) and Savills (buy-side). Aermont and Pecan were advised by Greenberg Traurig Germany LLP. BNP and Colliers have acted as transaction brokers in the process.
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 has advised on the acquisition of a highly visible office building located in Hamburg`s City South, Hamburg´s second largest office submarket, located adjacent to the CBD on behalf of the Encore+ fund.
Economic Quarter is a newly-refurbished, highly visible office spread over 28,000m² and ten floors. It also comprises a showroom for Mercedes Benz. City South is currently one of the fastest developing submarkets and is emerging as a major business location, attracting a wide range of companies from the financial, consulting and IT sectors as a headquarters location. The area provides excellent public transportation and amenities. The overall quality of this important market has also profited from recent large-scale residential developments, turning City South into a more lively and attractive location.
The total office take-up in Hamburg has been strong and steadily increasing over the last decade. Hamburg’s vacancy rate has been decreasing since 2015 and is approaching a five-year low. At the end of Q2 2019, modern office space available for immediate leasing amounted to 398,000m² in Hamburg, which constituted 2.9% of the total stock.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “I am delighted that we have agreed to acquire the Economic Quarter, which fits well within Encore+’s strategy to acquire asset high quality properties in major cities in Western Europe. Hamburg is a new market for Encore+ and one of the top German office markets, providing further diversification within Germany. The high quality of the tenants provide secure income in this asset, in a location with excellent access and in addition the opportunity to capture rental uplift.”
LaSalle was advised by Mayer Brown (Legal&Tax); Drees & Sommer (Tech); Linklaters (Antitrust legislation); Howden (Insurance Broker); Liberty, Lloyds (Insurance); Colliers (Buy-side adviser); Colliers (Valuation); and CBRE (RCA Report).
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
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 is pleased to announce that it has arranged a whole loan, to finance Blackstone’s acquisition of Tarraco Tower, a high-quality office property in Central Barcelona, Spain.
The deal is part of the LaSalle Whole Loan Strategies programme, which had its first close in December 2018, and now stands at €600m+ of commitments. The programme’s strategy is to originate and hold whole loans with loan-to-values ranging from 70 per cent up to c.80 per cent across various asset types, and targets financings between €25 million and €100 million plus.
The LaSalle debt series also includes LREDS III, the £804m fund, which invests across Western Europe and the UK, offering mezzanine and whole loan investment opportunities, and the c.€1 billion LaSalle Residential Finance series (LRF III) which is active in residential, student housing, hotel, and healthcare development lending, throughout Western Europe and the UK.
Amy Klein Aznar, Head of Debt Investments & Special Situations at LaSalle said: “We are pleased to be able to support Blackstone again, this time with our whole loan strategy on the Continent, where we continue to see opportunities and are able to offer sponsors a full range of debt solutions. The programme closed its first financing in December 2018, and currently totals five closed investments across Europe, equating to nearly 40 per cent of capital deployed.”
Ali Imraan, Managing Director of Debt Investments & Special Situations at LaSalle said: “This transaction was closed in under a month, demonstrating our ability to execute in tight timelines and tap into our extensive pan-European real estate platform. We are happy to support Blackstone in acquiring this high-quality office asset in one of Europe’s most dynamic cities, and also with the implementation of their refurbishment plans for the asset.”
LaSalle’s Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the team has committed €3.5 billion of investments across 70 individual transactions.
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, together with Frankfurt based fund manager Universal-Investment, have acquired Ploum & Blaak House, two connected office properties in Rotterdam, on behalf of BVK from Real I.S.
The two properties are modern, high-quality office spaces behind a historical façade and offer a combined rental area of c.17,000m². Ploum House is a six-storey building currently undergoing a renovation scheduled for completion in Q4 2019 and is fully let to amongst others the Dutch law firm Ploum. Blaak House is a seven-storey property that has been recently fully redeveloped internally and is let to the service operator Tribes, with additional space to be filled under LaSalle’s management. The two buildings are located at Blaak, a major thoroughfare of the Rotterdam CBD with strong road, metro and tram connections.
The Rotterdam office market is the second largest in the Netherlands and benefits from falling vacancy rates, which have more than halved since 2015, driven by conversions reducing supply, tenants migrating from the outskirts to the city centre and demographic growth. With the Dutch government promoting the growth of the Randstad economic region, the market performs strongly against LaSalle’s proprietary DTU+E criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment.
Christian Rust, Fund Manager at LaSalle, says: “As a state-of-the-art asset located in a central area of a major and growing European city, Ploum & Blaak House represents a strong addition to the fund. We’re pleased to be able to offer our client exposure to a prime office location and the upside potential of an excellent location in one of the Netherlands’ largest office markets.”
Nadine Gelke, Head of Investment for the Netherlands at LaSalle, said: “I am delighted that we have acquired this excellent asset on behalf of our client. It is a good example of our strategy to diversify our investment activities in the Netherlands while taking on leasing risk in DTU+E rich locations. We’ll be working to let the remaining space within the coming year through our proactive approach to asset management.”
LaSalle was advised by JLL, legal advisor Weebers Vastgoed Advocaten and technical advisor Drees & Sommer while the seller was represented by Savills and Loyens &Loeff.
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 sold the property Torstrasse 15 to the City of Stuttgart. The almost fully occupied property was part of the portfolio of the LaSalle E-REGI.
Raised in 1989 for the private bank Ellwanger & Geiger, and currently used predominantly as office accommodation, the six-storey building has a gross lettable area of 6,313 sqm and 49 underground parking spots. Located in a prominent downtown corner position on Torstrasse and the B14 federal route, near the town hall and the main shopping district along Königstrasse, the property benefits from excellent connections to public transportation. The current main tenant of the customizable multi-tenant building (including office, retail and restaurants) is the Barmer GEK health insurance.
The property was acquired by LaSalle in early 2017 for its open-ended pan-European real estate fund LaSalle E-REGI. The fund with a current AUM of ca. €710 million aims for stable income return from a diversified core portfolio (office, retail, logistics and hospitality) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI), which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic growth potential over the short- to medium-turn.
Uwe Rempis, Fund Manager of LaSalle E-REGI , said: “The disposal is an excellent example for active fund management and reflects that opportunistic strategies can be successfully employed to generate profits. During its holding period, Torstrasse 15 generated highly satisfactory returns for our fund. The market in Stuttgart is currently demand-driven. The city, being one of the most attractive office locations in Germany and indeed Europe as a whole, has a low vacancy rate and limited options to expand because of its topography. In this situation, selling the property to the City of Stuttgart was the right decision in the best interest of our investors. Seizing opportunities to sell for the benefit of our investors has been part of our strategy for the LaSalle E-REGI fund for a long time: As early as 2014, we took advantage of a similar opportunity with the disposal of the Junghofstrasse asset in Frankfurt.”
LaSalle was advised by Beiten Burkhardt (Legal). E & G Real Estate acted as advisor to the buyer.
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 and a wholesale property located in Heppenheim, Germany, for its LaSalle E-REGI fund. LaSalle has bought the assets from three private vendors.
The assets comprise a motorway logistics property and a retail property, both of which are fully let to prestigious international tenants. The former, a state-of-the-art new-build distribution facility acquired from GbR Biskupek-Scheinert-Klotz, has a rental area of over 18,000m2 and is leased exclusively to Henry Schein, the global medical product distributor. The latteris a wholesale property with over 5,000m2 rental area that was purpose-built for MetroGastro, its sole tenant and a subsidiary of Cash & Carry operator Metro group.
Located in Heppenheim, south of Frankfurt, the two assets sit between two metropolitan regions – Frankfurt/Rhine-Main and Rhine-Neckar – with a combined population of over 8 million. The properties benefit from strong transport links, including Europe’s leading freight airport in Frankfurt, less than a half-hour’s drive away; the nearby Mannheim-Handelshafen container terminal, Europe’s second largest inland port with rail and river connections to European business and transportation centres; and the major A5 and A67 highways.
Uwe Rempis, Fund Manager at LaSalle Investment Management, said: “With the long-term growth of e-commerce continuing to drive an increase in demand for well-located logistics assets, we have been seeking opportunities to further increase the LaSalle E-REGI fund’s allocation to the logistics sector. These assets are modern and attractively situated, fitting our criteria and offering further sectoral diversification to our investors. We are pleased to have acquired two properties that offer stable long-term rental income secured against high-quality tenants in market-leading positions.”
LaSalle worked on the transaction with Knight frank (Broker), Taylor Wessing (Legal), Gleeds (Technical & Environmental), Wuest Partner (Valuation), KPMG (Tax) and JLL (Buy-Side Advice).
The LaSalle E-REGI fund is an open-ended pan-European real estate fund that aims to generate stable income return from a diversified core portfolio (office, retail, logistics) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI), which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term. The Fund also includes additional screening filters such as JLL`s Global Real Estate Transparency Index and minimum market size.
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.
The team working on the Sixty London Wall construction project hosted a topping out ceremony at the development.
This crucial milestone was marked with a traditional ceremony, attended by LaSalle Investment Management, Citygrove and members of the design and construction team.
The topping out event was celebrated with a final pouring of concrete, in a rooftop ceremony.
The existing structure is being comprehensively remodelled and refurbished, with Skanska demolishing part of the building before adding four new floors, to take the building up to 11 storeys. The mixed-use commercial and retail development in the City of London is due to complete in June next year.
Gary Moore, Head of International Accounts at LaSalle, said: “The project team are doing an excellent job and the topping out of London Wall is an important milestone in the creation of an excellent investment for our client.”
Tony Boorer, Project Director, commented: “Once complete, this building will have five floors of terraces with stunning views of London. The internal spaces will be of high-quality with a contemporary modern design. It also contains ground floor and basement level retail space”.
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 managed the acquisition of a large logistics property in south-west Warsaw on behalf of the Encore+ fund. This property has been developed by Panattoni Europe, the largest logistics developer in Europe.
Panattoni Park Warsaw West was completed in 2017 and provides over 43,000m2 of rental space, with more than 380 parking spaces and 79 loading docks. The site, which has best in class technical specifications, consists of seven units and offers a flexible layout that is adaptable to the needs of medium to large size occupiers. Current tenants include Rhenus Group, the major international logistics services provider, and Nunner, one of Europe’s largest logistics services firms.
The asset is located in Grodzisk Mazowiecki, a suburb of Warsaw that is 35km from both Warsaw City Center and Chopin Airport Warsaw. It is situated near to the A2 motorway, which is a strategic transport route between Warsaw and Lodz, the two most important cities in Poland for logistics, and links Poland directly to Western Europe through Berlin. Panattoni Park is set to benefit from road infrastructure improvements, with the number of lanes on the A2 motorway soon to increase and improvements to internal connectivity into Warsaw also underway.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is another important acquisition for Encore+ that increases its exposure to logistics in Warsaw, the fastest-growing market in Poland, through an asset with excellent specifications and connections. The Warsaw logistics market is experiencing year-on-year decreases in vacancy rates, with the current rate at 4.8 per cent. When combined with expected constraints on development in the area due to increasing construction costs and legislative pressures, this indicates that the asset is set to experience a favourable supply-demand dynamic in the future.”
LaSalle was advised by JLL, Trebbi Poland, EY and Allen & Overy.
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
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, announces today that Martin Zdravkov has joined its UK business in the newly-enhanced role of Head of UK Residential & Impact Investing, based in London.
In this role, Mr Zdravkov will report to Philip Nell, the Head of UK Real Return Assets at LaSalle. He will be responsible for various investment strategies in the residential sector, including Build-to-Rent, Social Housing and Shared Ownership, Specialist Supported Living and Extra Care Living, key worker and temporary accommodation. He will lead in driving forward LaSalle’s impact investment strategy, working closely with Eleanor Lindsay, Co-Fund Manager, Impact Investing, and Sophie Carruth, the Head of European Sustainability, in building on the investment manager’s recent track-record of investing for specific clients in impact assets.
Mr Zdravkov joins LaSalle from Aviva Investors where he was Portfolio Manager for the REaLM Social Housing Fund and various other UK and pan-European long income real estate funds, as well as launching new products, such as the European long income fund. Previously he was a Senior Investment Manager for the Notting Hill Housing Group (“NHH”), one of the largest housing associations in the UK, where he was responsible for Corporate Finance and business development, investing around £1 billion in social housing.
Alan Tripp, Head of UK at LaSalle, said: “I am delighted that Martin has joined us at this exciting time in the growth of the UK business. The UK residential sector is of great importance to our long-term strategy; this combined with our commitment to implementing sustainable strategies in all of our investment decisions, makes Martin an excellent addition to our Fund Management team.”
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, is pleased to announce that it has acquired a serviced-apartment development pre-let to Staycity in Courbevoie, in close proximity to La Défense, on behalf of LaSalle E-REGI. It was acquired from Kaufman & Broad on a forward-funding investment (VEFA contract).
A newly-constructed building will be complete on this development in July 2021; this will form part of a c.30,000 sqm mixed-use complex called Highlight and will be comprised of three other buildings. All of these buildings will be arranged around an 850 sqm landscaped garden.
The aparthotel will be comprised of 6,313 sqm of which there will be 216 rooms spread over seven floors. The property will also benefit from various amenities (coffee shop, gym, laundry, luggage room), a private terrace and car park. It will be certified BREEAM Very Good.
Located on rue de l’Industrie in Courbevoie, the property benefits from a strategic location close to both La Défense and the Paris CBD. The property is a short walk from the “Esplanade de La Défense” metro station Line 1 and one station away from RER A express train. Both lines provide a direct link to Paris CBD and quick connection to the various transportation hubs in central Paris (Châtelet, Saint-Lazare etc.).
LaSalle E-REGI is an open-ended pan-European real estate fund (AIF), with a current AUM of €710 million. It was launched by the capital management company LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH (“LaSalle KVG”), which is 100% owned by LaSalle GmbH, and has attracted investment from a number of major institutional investors. It aims for stable income return from a diversified core portfolio (office, retail, logistics and hospitality) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI) which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term.
Uwe Rempis, Fund Manager of the LaSalle E-REGI fund at LaSalle, said: “I am delighted to announce this fourth acquisition in France, and our first in the alternatives sector in this country. This sector is a focus for the fund where we are targeting high-quality, core assets in strong locations.”
Beverley Shadbolt, Country Manager for France, added: “I am delighted with this, the French business’ first alternative investment in France. We expect this sector to perform very well in France over the coming years and as such our team has sourced this opportunity in an excellent location. LaSalle has significant experience of investing in the alternative sector across Europe and we are actively looking for similar opportunities in France.
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, today announces that it has extended its first development loan of €20.5 million from the expanded LaSalle Residential Finance Europe programme (“LRF”) to Amro Real Estate Partners. The development is a 360-bed purpose-built student accommodation in Granada and the proposed scheme will be approx. 10,495sqm across two buildings. In addition, the scheme will provide desirable and high-quality amenities such as a swimming pool, a multi-sport court, cinema room and study library.
The loan has been extended from LRF following on from its recent expansion into Continental Europe. Together with additional capital raised, it increases the total size of the LRF programme (established in 2013) to £845 million. LRF provides stretch senior and higher-leverage financing solutions for developments at loan-to-cost ratios of up to 80 per cent, with loans ranging from €20 million to in excess of €100 million. The expansion into Continental Europe will provide loans primarily for the development of student accommodation. This is in addition to LRF’s current development lending activities in student housing, residential, hotel and healthcare development lending throughout the UK.
LaSalle’s Debt & Special Situations business provides its borrowers a wide range of financing solutions by actively investing through its four strategies: LREDS III, LRF III, LWLS I/II and Special Sits. These debt products include whole loans, mezzanine, development financing, stretched senior loans, preferred / joint venture equity in the UK and Western Europe. The LRF programme is complementary to LaSalle’s LREDS series; the third fund in this series closed at the end of 2017 with aggregate commitments of £804 million. LREDS III invests across Western Europe, lending against quality assets with best-in-class sponsors; the combination of which offers compelling risk adjusted returns across mezzanine and whole loan investment opportunities. LWLS I/II, with EUR600m of commitments, invests in whole loans across Western Europe.
The team has previously invested over £400m in student accommodation lending across its strategies. Highlights include:
LaSalle has been very active in the Spanish market where Spanish banks have been constrained with their lending and LaSalle has extensive knowledge of student housing as an asset class. As a result, the LRF programme, which offers stretch senior loans up to 80% LTC, provides an accretive solution for developers.
Amy Klein Aznar, Head of Debt Investments & Special Situations at LaSalle Investment Management said: “We are very happy to be expanding the LRF programme to Continental Europe given the programme’s success in the UK. The loan that we have extended in Granada is an excellent example of the type of student housing development that we find compelling and which meets the needs of students today. Over the past several years, our team has invested more than £400m in student housing and this remains a core sector for our debt investment activities. The team has already completed other student housing development and investment facilities in Continental Europe and we continue to see strong borrower demand. The new commitment to Continental Europe will allow the LRF programme to consolidate its position as a European market leader in debt investment for bed-based sectors like student accommodation and residential.”
LaSalle’s Debt and Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the team has committed £3.4 billion of investments in over 67 individual transactions and secured against £13 billion of real estate.
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, acquired a portfolio of six properties of MAKRO Spain from METRO PROPERTIES, the real estate company of METRO AG, as part of a sale-and-lease-back transaction. The portfolio was acquired on behalf of French public service pension scheme ERAFP for €73 million. The transaction was closed in June 2019. Following the transaction, MAKRO Spain will remain the sole tenant of all six assets with a 15-year fixed lease term with extension options.
“We have in recent years continuously enhanced our relationship with our hospitality customers. The transaction shows the commitment of our company to the Spanish market where sectors such as tourism and hospitality are developing great performance and offering clear growth potential for our company,” said Peter Gries, CEO of MAKRO Spain.
The six stand-alone properties are located in the major tourist areas of Bilbao, Zaragoza, Badalona, Valencia, Alicante and Palma De Mallorca, with each asset the dominant wholesale store in its respective city. Strategically located within semi-urban locations in well-established tourist destinations, the six assets cater predominantly to professional customers from the hotel, restaurant and catering sectors. The portfolio’s catchment area attracts c.40 million overnight tourists per year, benefiting from the strength of Spain’s tourism industry. In addition, c.10.1 million permanent inhabitants live within a 30 to 45-minute drive of the portfolio, representing almost 22% of Spain’s total population.
Mathias Malzbender, Head of Separate Accounts for Continental Europe at LaSalle Investment Management, said: “This acquisition allows us to improve the sector and country diversification of the Fund. Given the prime locations of the assets and strong sales record of the stores to date, we are confident that the MAKRO portfolio will produce attractive long-term income, continuing the strong performance of the fund.”
“Our activities strictly follow the aim of increasing the value of METRO’s real estate. This includes future-oriented investments in our locations, their sustainable development and sale & lease back transactions as long-term commitments. The sale of select assets from the real estate portfolio in Spain is one element of our global portfolio strategy. With LaSalle we have a partner who shares our vision for the wholesale business,” explained Wolfgang Baumgartinger, Director Transactions, METRO PROPERTIES.
Francesco Coviello, Head of Acquisitions for Central and Southern Europe at LaSalle, said: “I am delighted that we have acquired this excellent portfolio of assets, based across Spain, a country delivering growth rates well above the Eurozone average. Furthermore, the logistics and warehousing sector is set to outperform given the thriving state of e-commerce in country. This is an excellent example of the strong network that we have in Spain, where we are investing on behalf of a range of clients.”
For this transaction, METRO PROPERTIES was advised by the consulting firms CBRE and Simmons & Simmons (legal advisory).
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.
Until recently, free trade seemed to be a crucial ingredient to the dominant political and economic narrative. After several rounds of trade liberalisation, and except for the immediate aftermath of Lehman Brothers’ collapse in 2008, the world economy enjoyed virtually seven decades of uninterrupted growth in export volumes. Global tariffs dropped tenfold from 40% fifty years ago to just 4% currently. Rapid evolution of supply chains was facilitated by the removal of trade barriers that followed the completion of the Uruguay Round in 1994 and the creation of the WTO, plus the integration of China and the Soviet Union. Over that period global trade growth outstripped economic growth by nearly a factor of two resulting in world trade (imports + exports of goods and services) accounting for nearly 45% of world GDP growth since 1990.
London has long been one of the world’s most invested-in real estate markets; it’s a place where people want to live and work. This short video highlights many of the reasons it remains an attractive investment location and some of LaSalle’s flagship properties in the cities.
LaSalle is pleased to announce the launch of the LaSalle Whole Loan Strategies programme by its Debt & Special Situations team. This is a €600 million programme focused on originating whole loans secured against real estate in Western Europe and the Nordics. The programme’s strategy is to originate and hold whole loans with loan-to-values ranging from 70 per cent up to c.80 per cent across various asset types. The strategy targets financings between €25 million and €100 million plus.
This is the latest programme from LaSalle’s market leading Debt Investments & Special Situations platform. The addition of this product further enhances LaSalle’s ability to provide financing solutions across the capital stack, including whole loans, mezzanine, development financing, and stretched senior loans.
The strategy’s first investment is a €37 million transaction to finance the aggregation of a high-quality portfolio of last mile logistics assets located mostly around Paris, France. The financing provided the sponsor the flexibility to match its business plan to acquire the assets in batches differentiating it from a traditional senior and mezzanine financing solution. Follow-up investments include a €36m whole loan to finance a fully let distribution centre in Belgium and an office asset in Ireland.
Ali Imraan, Managing Director, Debt & Special Situations, said: “I am delighted to launch the LaSalle Whole Loan Strategies. We have seen an increasing number of borrowers seeking flexible financing solutions for assets by combing senior and mezzanine loans through the efficiency of whole loans. This new programme will allow us to provide borrowers with a truly one-stop financing solution, greatly reducing their execution risk. It is also more efficient compared to a traditional senior and mezzanine solution, particularly for smaller deals.
“While geographically the strategy targets opportunities all across Western Europe, there is an initial focus on France, Benelux, Iberia, and Ireland.”
LaSalle’s Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the team has committed €3.2 billion of investments across 66 individual transactions.
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 has managed the acquisition of an office building, Wronia 31, with excellent sustainability credentials in Warsaw’s City Centre west zone from Ghelamco, on behalf of the pan-European fund Encore+. This dynamic market is the fastest developing market and is emerging as a major business location in Warsaw.
This asset is a newly built high-quality office building of 16,667 m² over 14 floors, with a multi-tenant structure. Wronia 31 is located in an area with very strong tenant demand from blue chip companies and situated right next to the Warsaw Spire and to a variety of public transport options. The building benefits from an Outstanding BREAAM rating and recently won the international BREEAM Awards 2019 competition in the category of Regional Award Central and Eastern Europe.
Total office take-up in Warsaw has been strong and steadily increasing over the last decade and is forecasted to further increase annually by 4 to 5 per cent for the next three years on the back of constant growth of office-based employment. The strong demand Warsaw is experiencing is driven by economic growth, the availability of a skilled workforce and a growing number of students, all– key factors for international companies moving to Poland. The total volume of leasing transactions reached over 600,000m² by the end of 2018.
David Ironside, Fund Manager for Encore+, says: “This is an excellent acquisition for Encore+ where the asset characteristics of geography, sector and micro-location are all in line with the Fund’s investment targets; moreover it increases our exposure to the growing Central European office market and the economic growth in Warsaw.”
Francesco Coviello, Head of Transactions for Central and Southern Europe at LaSalle, says: “This is a very well-located asset in an area with much lower vacancy rates than the rest of Warsaw. As such this is an excellent fit for LaSalle’s flagship pan-European fund and highlights our local knowledge in Poland and our ability to source high quality assets.”
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
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 has managed the acquisition of a high-quality office development on rue Jeanne d’Arc from AG Real Estate, on behalf of the pan-European fund Encore+; this is a forward-funding investment (VEFA contract). The property has a strategic location in the 13th arrondissement near to the world’s largest tech start-up incubator, Station F, which was opened in 2017 under the initiative of Xavier Niel.
The deal involves the development of a new 9,800 m² building, constructed with tenants in mind, who demand the highest, international-quality office space, with the principal factors being sustainability, flexibility, and quality amenities. The building offers individual and collaborative work spaces, a rooftop on the 8th floor, and private parking amongst many other amenities. It will be available for tenant occupation in the summer of 2021.
Designed by the architects Atelier du Pont, the building will comply with norms and standards relating to energy efficiency, with a high standard of sustainability and connectivity, such as standard RT 2012 -40%, HQE sustainable building passport “excellent level”, “Very Good” for BREEAM, “Gold” for WELL as well as “Gold” for WiredScore.
This office development on rue Jeanne d’Arc, and next to “Nationale” metro station (line 6), is the Fund’s eighth acquisition in France; these are a key part of Encore+’s strategy, with French offices anticipated to perform well.
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Value-add will continue to be part of the Encore+ strategy.
This development encapsulates the strategy of AG Real Estate, to position itself as a dynamic tertiary developer in the Paris market. The pipeline of development projects in the works currently stands at roughly 400,000m² for a turnover of €2 billion.
David Ironside, Fund Manager for Encore+, says: “This asset is an outstanding example of the location-focused strategy of Encore+, with strong DTU+E credentials and in a strategic location with a mixed-used environment. Our teams actively seek out opportunities in dense locations with strong demographics, technology industries, and excellent public transport connections. We look forward to welcoming our tenants in 2021.”
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 has acquired Westend Yards, a Munich office property, on behalf of the Encore+ fund, its Pan-European core fund.
Westend Yards is a six-storey office building with a net lettable area of over 31,000m², situated on Hansastrasse in Munich’s Westend district, a major office location adjacent to the CBD with strong public transport and road connections. The property is currently fully let to multiple tenants, including the Fraunhofer Institute, Europe’s largest organisation for applied research and development services with over 25,000 employees. In the long term, LaSalle will explore options for refurbishing or redeveloping Westend Yards to increase the total rental area and upgrade amenities.
The proposed acquisition would increase the Encore+ exposure to the Munich office market by ca. EUR 134 Million, which is a national leader in terms of demand, low vacancy and adherence to LaSalle’s proprietary “DTU+E” criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment. It follows the Fund’s acquisition of the ElseBella portfolio of two office properties in Munich for €169 million in December 2018. With Else also located in the Westend district, 750 metres away on the adjoining Elsenheimerstrasse, Westend Yards represents a second investment for the fund in a submarket subject to particularly high take-up levels and limited immediate and future supply.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is another important acquisition for Encore+ that extends our strategy of increasing the fund’s exposure to the German office market, which we regard as one of the most attractive in Europe in terms of the supply-demand dynamics. Like the ElseBella office portfolio that we recently acquired, Westend Yards is a particularly well-located property which stands to benefit from Munich’s leading take-up and low vacancy rates – even relative to Germany as a whole – and therefore sustainably appreciate by capturing future rental growth. We are pleased to have secured another asset that we expect to deliver strong and stable returns to our investors in Encore+.”
LaSalle worked on the transaction with Hogan Lovells (Legal & Tax), Drees und Sommer, BrandBerger (Technical & Environmental), Colliers International (Valuation), Howden (W&I Insurer) and JLL (Buy-Side Advice & Property Management).
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
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”) today announced that following a successful 12-year period as CEO for Europe, Simon Marrison will transition to assume a Chairman role for the business. Karen Brennan, Head of Americas Custom Accounts for LaSalle, has been appointed to succeed Mr. Marrison as the firm’s CEO for Europe, effective 30 June 2019. Mr. Marrison will remain in the Chairman advisory role and work closely with Ms. Brennan to ensure a seamless leadership transition.
Under Mr. Marrison’s leadership, LaSalle’s European business has seen significant growth and diversification, doubling its AUM from $10 billion to more than $20 billion during the period. In addition to serving on LaSalle’s Global Management Committee, Mr. Marrison has sat on all European Investment Committees and chaired the European Management Board. Mr. Marrison joined LaSalle in 2001 and has operated six funds in the region, launched the Continental European Separate Accounts business as well as the Debt & Special Situations business that now has a flagship fund series, and grown the firm’s pan-European Encore+ fund to a GAV of more than $2 billion.
In her new role, Ms. Brennan will have overall responsibility for LaSalle’s $22 billion AUM pan-European private equity real estate business and will join LaSalle’s nine-person Global Management Committee. She will be based in London and will also oversee the firm’s teams in the U.K., Paris, Munich and Luxembourg, and travel regularly to the markets in which LaSalle operates and invests. Ms. Brennan joined LaSalle in 1999 and has successfully held a variety of leadership, investment, asset and portfolio management roles across the organization. From 2008-2012, she relocated to the firm’s Singapore and Hong Kong offices where she held the role of Portfolio Manager, ex-Japan, for LaSalle’s Asia Opportunity Funds, and played a critical role in the re-structuring and stabilization of the region’s business following the Global Financial Crisis. More recently, she has led LaSalle’s Americas Custom Accounts group, which includes some of the firm’s largest and longest-standing institutional investor clients and has increased its AUM over 30% to nearly $10 billion.
Jeff Jacobson, LaSalle Global CEO, said: “Simon has played a pivotal role in LaSalle’s growth and success in Europe over his decade plus leadership of the business. As he elects to transition from day-to-day management of the business, I am extremely pleased that we have such a strong successor in Karen Brennan and that illustrates our commitment to succession planning and providing career opportunities to our top talent throughout the world. I am confident that Simon’s mentorship and Karen’s proven investment, client and leadership skills will lead LaSalle to continued growth and success in Europe.”
Simon Marrison, outgoing Europe CEO of LaSalle, commented: “I believe that it is important to refresh leadership in any business and I am genuinely proud of the growth and improvement our team have achieved over the past 12 years. With the business on such firm footing, now is an opportune time for a talented leader with a global perspective to take it to the next level, and I look forward to working closely with Karen in the future to build on our collective momentum.”
Karen Brennan, incoming Europe CEO of LaSalle, added: “It is an honor to be the next leader of our European business, which has experienced significant growth under Simon’s leadership. I am eager to work with the teams across the region to build on the foundation that has been set, as we seek to advance our global position and produce superior investment performance on behalf of our clients.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $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 announces that the value of its actively managed assets under management in Continental Europe has risen to €7 billion, representing a year-on-year net increase of €1 billion. The German KVG business currently at €1.18 billion AUM, having grown by 23 per cent in 2018.
LaSalle operates three distinct Core, Core+, and Value-Add investment strategies in Continental Europe, making direct private-equity investments in commercial property on behalf of institutional clients whose capital is managed across nine active mandates, including its flagship pan- European open-ended Fund, Encore+. The German market accounted for €330 million of LaSalle’s Continental European investments in 2018, including the acquisition of the ElseBella office portfolio in Munich for €169 million by Encore+, maintaining the upward trajectory in the value of LaSalle’s annual investments in Germany. In the French market, in 2018 LaSalle passed the threshold of having invested €1.5 billion in properties over the past three years, including an iconic core retail asset in Toulouse for E-REGI for €24 million.
Having already signed a record value of new leases across its Continental European portfolio in 2017, LaSalle saw a year-on-year increase of over 200% of rent generated. With office supply remaining scarce and e-commerce continuing to drive occupier demand for logistics properties in the firm’s target Continental European markets, LaSalle expects to achieve further rental growth across its portfolio while continuing to acquire office and logistics assets in 2019.
Philip La Pierre, Head of Continental Europe at LaSalle Investment Management, said: “This has been a record year for our business with strong performances across all of our accounts and are starting the year strong with a secure pipeline of €500 million. Moreover, we have effectively deployed capital for our clients across various sectors on the Continent and are confident that localised real estate markets will remain strong in 2019 for further investment.”
In 2018, LaSalle assumed sole responsibility for the management of Encore+, the open-ended Continental European real estate fund focused on improving assets and creating growth by actively managing assets to deliver superior income returns, which had previously been jointly managed by LaSalle and Aviva Investors. Encore+ is part of MSCI’s Pan-Europe Property Funds Index (PEPFI) and was recently announced as the best performing fund in the Index for 2017 on both a one- and five-year basis. In addition, the LaSalle E-REGI European commingled fund recorded a substantial increase in its sustainability credentials last year, as measured by the 2018 Global Real Estate Sustainability Benchmark (GRESB), the global sustainability benchmark for real assets.
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 has acquired the property General Lacy 23 in Madrid, a multi-award winning 19th-century office building. This was acquired on behalf of a separate mandate with a German pension fund.
The General Lacy 23 building is located in the heart of Madrid’s Méndez Álvaro district, south of the central business district of the Spanish capital, is a multi-award winning 19th-century office building. Originally a tobacco factory and converted into an office building two decades ago, the property is currently being modernized as a ‘green building’. The sole tenant from April 2019 is the Spanish oil company Repsol, who will occupy the space with one of their subsidiaries as the headquarters is located just 850m away on Calle de Méndez Álvaro.
The Méndez Álvaro neighborhood, between Atocha and the M-30, is experiencing a strong dynamism as the headquarters of companies. Besides Repsol other corporates such as Amazon, Adif, Mahou, CLH or Ericsson have also decided for this submarket where further major projects are going to take place.
Uwe Rempis, Head of Fund Management Germany at LaSalle Investment Management, comments: “Thanks to the high quality of the building, with its flexible use for both single and multiple tenants, combined with its A-location on a European real estate hotspot, the object fits perfectly into the fund strategy. We are very happy that we have succeeded in adding this exceptional building to our portfolio. “
Hogan Lovells, Deloitte and Tassl acted as advisors to the buyer.
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.
The developers of Milburngate, the mixed-use development, have secured a £120 million forward-funding commitment from LaSalle Investment Management, which will enable the delivery of the first phase of the Durham City Centre project.
In addition, Durham County Council has taken a 35-year lease of the entire first phase of Milburngate and will become landlord to all first phase tenants, creating a new revenue stream for the authority as well as supporting regeneration in the city.
Durham County Council’s lease also includes Phase One’s 5,000 square metres speculative office building, creating capacity for more than 400 new jobs, alongside 153 built-to-rent apartments, supporting Durham’s requirement to provide high-quality city centre work and living space.
In December 2018, detailed planning permission was granted for Phase One, which covers 70 per cent of the entire six-acre mixed-use development. The developers are in the final stages of reviewing shortlisted construction tenders and will select their construction partner in the coming weeks. Completion of the first phase is targeted for early 2021.
Tenants already secured for Phase One include nationally-recognised leisure operators such as the boutique cinema company Everyman, restaurant brands Marston’s Pitcher & Piano, Bar + Block, Miller and Carter and a 92-bed flagship Premier Inn hotel.
Milburngate is being delivered in joint venture by Durham-based property business Arlington Real Estate and the Richardson family, who together have already successfully delivered a number of strategically-important regeneration projects across the region, including Freemans Reach in Durham City centre.
Robin James, Head of Long Income Transactions at LaSalle Investment Management, said: “We are delighted to have entered into this long-term partnership with Durham County Council, Arlington Real Estate and the Richardson family. This mixed-use commercial and residential development will create job opportunities in Durham and is an excellent example of where our client’s capital can be used to deliver major city centre regeneration schemes. We will continue to invest in such projects and have significant funds to deploy in other assets offering long-term, inflation-linked income streams.”
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 announces the commencement of the development of a logistics project in Tigery, France, subsequent to the acquisition of the plot by LaSalle’s Encore+ Fund. The development is scheduled for completion in Q4 2019.
The state of the art logistics warehouse is being constructed on a speculative basis and will have ca. 33,500sqm. The site is located within the Sénart logistics hub, the largest in the Paris region and second largest in France, comprising 1.4 million sqm. Located 37 km southeast of the capital, the Tigery site is close to Orly airport and benefits from excellent road access to both Paris and the southern cities of France via the Francilienne Ring Road and the A5 motorway. LaSalle will work in partnership with French developer JMG on the delivery of the logistics facility.
The Tigery development was agreed as part of a portfolio project signed with JMG in January 2018, which also included the development of a second site in the Isle D’Abeau, near Lyon, the largest logistics location in France. The development of the Isle D’Abeau site was completed in August 2018.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “We’re delighted to be making progress towards the delivery of a second Grade-A French logistics site in an excellent location, following the agreement for a portfolio development project that we struck with JMG last year and the completion of the Isle D’Abeau asset last summer. The Tigery site shares the same strong fundamentals of solid take-up, low vacancy rates and scarcity of quality supply as our property outside Lyon, offering further attractive portfolio diversification.”
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Encore+ has been a leading Fund in MSCI’s Investment Property Databank (IPD) Pan-Europe Property Funds Index (PEPFI) in terms of performance and it was recently announced as the best performing Fund in the Index for 2017 on both a one- and five-year basis. LaSalle assumed sole responsibility for the management of the Fund in late 2018.
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 has acquired ElseBella, a portfolio of two office properties in the Westend and Arabellapark districts of Munich, on behalf of the LaSalle Encore+ Pan European Fund from AXA Investment Managers for €169m.
Else comprises two office buildings with a combined rental area of over 25,000m² situated on Elsenheimerstrasse in Munich’s Westend district, a major office location adjacent to the CBD, with outstanding public transport and road connections. Bella is a seven-storey office building with a lettable area of over 15,000m² located in the heart of Arabellapark, one of Munich’s most popular and established office submarkets to the north-east of the CBD. Both properties are let to multiple tenants and Else has potential for redevelopment.
The Munich office market is a national leader in terms of demand, low vacancy and adherence to LaSalle’s proprietary DTU+E criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment. Within this market, the Westend and Arabellapark submarkets are subject to particularly high take-up levels and limited immediate and future supply.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is an exciting acquisition for Encore+ that increases the fund’s exposure to the German office market whilst also meeting the fund’s criteria of investing in assets in attractive locations with fundamentals which we believe have the potential to underpin future rental growth. With Munich currently exhibiting some of the highest take-up and lowest vacancy rates in Germany, we expect these properties in two of the city’s most established office submarkets to deliver strong and stable returns for Encore+ investors in the long term.”
LaSalle worked on the transaction with Linklaters (Legal/Tax), Unicredit (Lender), JLL (Technical, Non Rec’s & Buy-Side), Howden (W&I Broker), Ambridge (W&I Insurer), Oliv Architekten (Architect) and CBRE (Valuation). AXA Investment Managers was advised by Colliers (Broker), Möhrle Happ Luther (Legal), BrandBerger (Technical) and Sabine Houben (Tax).
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Encore+ is part of MSCI’s Pan-Europe Property Funds Index (PEPFI) and it was recently announced as the best performing fund in the Index for 2017 on both a one- and five-year basis.
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 announces that it contracted 77 commercial real estate transactions valued at £3.33 billion across the UK in 2018 and forecasts that UK real estate will remain an attractive asset class to institutional investors in 2019, despite macroeconomic uncertainty associated with the Brexit process.
Making direct investments in UK commercial property on behalf of institutional clients from the UK and around the world, LaSalle deployed £2.29 billion across 24 acquisitions while generating £1.04 billion through 53 sales in 2018, compared with a total transaction value of £1.24 billion in 2017. These transaction figures serve to underline the continued resilience of the UK real estate market in the face of political risk, with a total of c£55 billion in UK commercial property transactions in 2018 exceeding the 10-year average of £44 billion according to data from JLL.
Office properties constituted 67 per cent of LaSalle’s UK acquisitions of which the London market accounted for 94 per cent. The sustained demand for London office property is symptomatic of how the capital has resisted leakage to competing European cities and continued to receive strong take-up, with LaSalle’s investment strategy remaining underpinned by the firm’s proprietary analysis of which specific commercial submarkets in London are best placed to achieve rental growth. Meanwhile, alternatives (e.g. parking, healthcare, student housing) accounted for 20 per cent of capital deployed but just 7 per cent of LaSalle’s exit proceeds, continuing LaSalle’s long-term shift towards increased exposure to alternative assets that demonstrate greater resilience to the challenges facing retail and industrial properties.
The proportion of capital deployed by LaSalle into UK commercial property classified as ‘long income’, defined as assets that generate ten year plus contracted terms and an element of predictable inflation-linked cashflow, rose to 26 per cent in 2018. The increase was driven by LaSalle targeting irreplaceable long-let assets to safeguard against market uncertainty, as well as demand from defined-benefit pension scheme clients for low-volatility, predictable income flows that match their liabilities while also generating higher yields than UK sovereign debt. With over £7 billion in institutional capital estimated to have been allocated for investment into long-income assets in 2019, demand for this asset type looks set to persist irrespective of the outcome of Brexit.
Julian Agnew, UK Chief Investment Officer at LaSalle Investment Management, said: “While we believe the most likely outcome of the current political situation to be a ‘Long Hard Brexit’, entailing a loose framework for future trade with the EU that’s fleshed out during the transition period, investors in the UK clearly remain faced with a significant degree of uncertainty. However, in the medium- to long-term we believe that UK real estate will remain attractive compared to other asset classes, that UK property will continue to attract international capital, and that not only London but also other cities such as Bristol, Birmingham, Edinburgh, and Manchester – all of which rank highly on our proprietary analysis of the UK regions’ preparedness for changes in Demographics, Technology, Urbanisation and the Environment – will continue to perform well.”
Chris Lewis, Head of Transactions for the UK at LaSalle Investment Management, said: “We have identified emerging and highly attractive opportunity sets within the UK commercial real estate market for our clients and are pleased to have been able to both deploy capital effectively and realise proceeds through a strong exit pipeline in 2018. We continue to target specific London ‘villages’ where we believe the fundamentals to support rental growth are strongest, while significantly growing land disguised as income as a portfolio of long-income investments with inflation-linked cashflow.
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.
Isle d’Abeau is a recently completed 21,248 square meter logistics development. The property was the first of three deliveries in a partnership with French logistics developer JMG. The facility consists of 19,966 square meters of warehouse space, 1,050 square meters of office space and 268 square meters of loading area. Specifications include a 10-meter clear height, 24 loading docks, ESFR (early suppression, fast response) sprinklers, and parking for 110 vehicles and 6 trucks.
Adhering to LaSalle Encore+’s location-driven investment strategy, the asset is located along the French logistics backbone, 30 kilometres east of Lyon. It benefits from excellent connectivity to French population centers as well as major European markets, particularly in Italy and Switzerland.
Purchasing the building while it was still in a development stage provided an excellent opportunity to add an asset to the fund that had not yet reached its full value.
On completion in 2019, the asset was fully let on a long-term basis with no break clause for eight years, meaning the building is able to offer long-term stable income, while its attractive location and new condition leaves space for rent reversion and capital appreciation.
The property has an insulated double skin on courier areas, a rainwater recovery system and the office areas have a reversible heating and cooling system. It has received a BREEAM “Very Good” environmental certification for new construction. BREEAM certifications are used to assess the design, construction, intended use and futureproofing of new building developments, including the local, natural or human-created environment surrounding the building.
The fund managers are currently (February 2022) exploring the possibility of further reducing the building’s environmental impact by installing solar panels on the roof and automating energy consumption.
Office
Trí, Munich
Two prime office buildings in Munich’s vibrant Westend
Industrial
Tigery, Lyon
A new-build logistics warehouse southeast of Paris with access to the A5 Autoroute and the Francilienne (Paris ring road)
Important information
The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.
Important information about sustainability
A decision to invest should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering document before making any final investment decision.
Except where specified either in this webpage or any other documents, any sustainability or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such sustainability or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).
Tigery is an industrial logistics development located southeast of Paris. The Class A building was completed in 2020 and includes 35,400 square meters of lettable area (33,900 square meters of warehouse space and 1,500 square meters of office space). The asset also benefits from various operating permissions to let to a variety of users. It offers 140 parking spaces for cars as well as trailer storage.
The asset is in the Sénart logistics hub and complements LaSalle Encore+’s location-driven investment strategy. Sénart is 37 kilometers southeast of Paris and is the second largest logistics market in France with 1.4 million square meters of warehouse space. The site benefits from excellent road access to Paris and to the southern cities of France through the A5 Autoroute. The property also benefits from proximity to Orly airport and frontage on the “Francilienne”, the highway circling Paris.
Purchasing the building while it was still in a development stage provided an excellent opportunity to add an asset to the fund that had not yet reached its full value.
On completion in 2020, half of the asset was fully let on a long term-basis with no break clause for nine years with the other half being let on similar terms in 2021. As result, the building is able to offer long-term stable income, while its attractive location and new condition leaves space for rent reversion and capital appreciation.
The property has 80mm insulation on the roof and facades, a reversible heating and cooling system in the office areas, a LED lighting system, and six charging units for electric vehicles. It has received a BREEAM “Very Good” environmental certification for new construction. BREEAM certifications are used to assess the design, construction, intended use and futureproofing of new building developments, including the local, natural or human-created environment surrounding the building.
Office
Trí, Munich
Two prime office buildings in Munich’s vibrant Westend
Industrial
Isle d’Abeau, France
A new-build asset located along France’s “logistics backbone” with good access to population centers in three countries
Important information
The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.
Important information about sustainability
A decision to invest should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering document before making any final investment decision.
Except where specified either in this webpage or any other documents, any sustainability or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such sustainability or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).
