Chicago (January 6, 2025) – LaSalle Investment Management (LaSalle) announced today the acquisition of Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona. The acquisition was made on behalf of LaSalle Property Fund (LPF), the firm’s US core open-ended fund.
The property, situated on 36.79 acres, features 24-foot clear heights, dock-high and grade-level doors, and ample parking. The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian. Located at 7340-7360 South Kyrene Road and 7333-7343 South Hardy Drive, Tempe Commerce Park benefits from its position in one of Metro Phoenix’s most sought-after submarkets, offering excellent accessibility to major transportation routes.
Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “This acquisition aligns with our strategy to increase the Fund’s industrial allocation in high-growth metropolitan markets. Tempe Commerce Park is an excellent addition to our portfolio, offering exposure to a prime infill submarket.”
Matt Bogovich, Vice President of Transactions added: “We’re excited to acquire this high-quality industrial complex in Tempe, a key submarket within Metro Phoenix. The property’s strategic location, diverse tenant mix, and recent improvements position it well to capitalize on the area’s strong industrial fundamentals and continued growth.”
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$88.2 billion of assets in private and public real estate equity and debt investments as of Q3 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
London (November 21, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, and Urbania, an investment and asset management company with a €1.1 billion portfolio under management, announce their joint venture partnership to develop a portfolio of living assets in Spain. The first two transactions are situated within the 408-hectare Parc de l’Alba masterplan in Cerdanyola del Vallés, adjacent to the Universitat Autònoma de Barcelona (UAB) Bellaterra campus, which hosts over 30,000 students. Delivery of the masterplan is underway, aiming to attract businesses within scientific, commerce, technology and consulting sectors, with the expectation to accommodate 30,000 workers.
The first asset, slated for opening in September 2025, is a purpose-built student accommodation (PBSA) project in Barcelona. With construction already underway, the project will feature 610 single en-suite rooms with state-of-the-art amenities including a rooftop swimming pool, gym, cinema room, study areas and auditorium, with a BREEAM “Very Good” rating. The project will be the only privately owned student accommodation scheme within walking distance to the UAB Bellaterra Campus, the third ranked university in Spain, offering degree specialisms including medicine, law, engineering and business. In addition, the project is in close proximity to other prestigious university campuses such as ESADE and Universitat Internacional de Catalunya, with excellent local transport networks into central Barcelona. Yugo, a leading student housing operator, has been appointed as manager.
The second development is a complementary flex-living scheme that will sit on an adjacent land plot and consist of 255 units, with completion projected for Q3 2027. The scheme is designed for academics, researchers, key workers and corporate occupiers from nearby commercial hubs within the Catalonia Innovation Triangle as well as the UAB Bellaterra Campus. The Parc de l’Alba masterplan is currently home to multiple companies including the ALBA Synchrotron, one of the largest science facilities in southwestern Europe, as well as the regional headquarters of leading companies like Inditex’s Stradivarius and engineering and technology group, Sener. The flex-living asset will offer flexible accommodation for short, medium, and long stays and target a BREEAM ‘Very Good’ accreditation and an EPC ‘A’ rating.
As LaSalle’s most recent ISA Briefing on the PBSA sector outlines, PBSA ranks as one of the firm’s top-conviction sectors in the coming years, with more students enrolled than at any point in history and a long-term supply shortage contributing to the attractiveness of the sector.
Blake Loveless, Head of Value-Add Investments, Europe, LaSalle, said: “This venture is an exceptional example of LaSalle’s deep value equity strategy, which continues to focus on student housing, urban accommodation, retail recovery, distribution, and special situations. Spain is a big market for us, and we are excited to expand our presence here alongside Urbania to provide affordable accommodation to students and young professionals.”
Amroy Lal, Vice President of Value-Add Investments, Europe, LaSalle, said: “Europe’s leading universities, like those close to this project, continue to attract a diversity of local and global students, adding to the growing strength of the region’s PBSA sector. Barcelona in particular represents a great opportunity for investors in the sector, given the resilient and varied sources of demand from multiple, highly ranked universities.”
Jeffrey Sújar, Managing Partner of Urbania Living, said: “Our mission is to create the next generation of student accommodation and flexible living facilities. This exciting project embodies our commitment to environmental sustainability and exceptional living standards. Every aspect has been meticulously planned to foster an enriching living experience that supports students, academics and other professionals in achieving their fullest potential. Collaborating with LaSalle on this landmark project is a source of immense pride for us.”
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About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
About Urbania
Urbania is a privately-owned real estate development, investment and asset management company with a €1.1 billion portfolio under management.
Created in 2010 as a real estate developer, Urbania has become a leading real estate company with +100 projects delivered since it’s inception, specializing in large land acquisition and master planning development, residential projects and the creation of innovative Living concepts, with a strong presence across the Iberian market and Brazil.
Toulouse (November 7, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announces the completion of Quai Saint-Pierre, a senior living development in central Toulouse that was acquired under a VEFA contract in December 2021 on behalf of Encore+, LaSalle’s flagship pan-European core-plus fund.
Quai Saint-Pierre comprises three connected buildings with over 4,500m² in total area, including 89 residential flats and 43 car parking spaces. The property offers excellent amenities to its residents across almost 800m2 of communal spaces, including a restaurant, swimming pool, tea-room with fireplace, library, fitness room, terraces and gardens.
LaSalle Encore+’s acquisition of the asset in 2021 represented the firm’s first senior-living investment in continental Europe and the Fund’s inaugural move into the sector.
The project was fully pre-let at the time of the acquisition from the developer COGEDIM, a subsidiary of the ALTAREA Group. Now completed, Quai Saint-Pierre will be operated by Nohée (previously Cogedim Club), the ALTAREA Group’s integrated senior residence management entity, which led the delivery of the project alongside development project manager Etyo.
Located in the centre of Toulouse, the fourth largest city in France, Quai Saint-Pierre enjoys both an excellent macro and micro location. Toulouse is one of the country’s most attractive urban areas, with its strong transport connections to Paris and temperate climate thanks to its location between the Pyrenees and the Mediterranean. The asset is located in one of the most sought-after, affluent areas of the city along the banks of the Garonne River and will also be well-served by close links to public transport, major road networks and Toulouse-Blagnac Airport.
David Ironside, Fund Manager for LaSalle Encore+, said: “We saw this development as a highly attractive way of increasing LaSalle Encore+’s exposure to alternative property sectors and diversifying our existing asset portfolio. The senior living market is growing as citizens increasingly look to avoid social isolation later in life and reside in higher-quality, fit-for-purpose homes, which fully provide for their needs.”
Jacques-Olivier Gourdon, Deputy Managing Director of LaSalle France, added: “The successful delivery of the project is testament to the skillset of our French asset management team and our strong relationships with partners like Etyo and Cogedim. In the context of increasing land scarcity and intensification of land use, we are very proud to have been able to breathe new life into this brownfield site, which bears witness to the city’s rich industrial past, while at the same time making the most of its remarkable neoclassical architecture.”
The history of the Quai Saint-Pierre site reflects that of Toulouse. Its origins date back to the early Middle Ages, with ship mills, grain mills, pastry mills, and paper makers among the industries established in the area in the 12th century, making the site the city’s first “industrial quarter”. In 1888, the Toulouse Electricity Company transformed the mills into a hydroelectric plant dedicated to public lighting in the city centre. In the 20th century, the site underwent further changes under the leadership of EDF, which took ownership of the power plant and the buildings in 1946. In 2012, a public entity purchased Quai Saint-Pierre with plans to establish the Institute of Political Studies of Toulouse, but the project did not obtain the support of local residents. The site then changed hands again, with the intention of being redeveloped into housing, but after the project stalled, the property was left vacant for several years, until LaSalle secured approval for a senior-living residence in 2021 – marking the latest chapter in Quai Saint-Pierre’s ongoing evolution of uses.
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About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announced today the acquisition of Buckeye85, a core industrial building located in the heart of metro Phoenix’s Interstate 10 Corridor. The acquisition was made on behalf of LaSalle Property Fund (LPF), the firm’s US core open-ended fund.
The 321,892 square foot Class A building was constructed in 2023 and is fully leased to Tempur-Pedic, a leading manufacturer of mattresses and pillows and a part of Tempur Sealy International, Inc. (NYSE: TPX). It’s situated on 20 acres at 10333 West Buckeye Road, at the southwest corner of 103rd Avenue and Buckeye Road/MC-85 Highway in Phoenix, Arizona. The property is strategically located two miles from a full-diamond interchange at I-10 and 107th Avenue, positioning it within a world-class e-commerce market that is home to companies like Amazon, McKesson, Pepsico, Kroger and Home Depot.
Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “We are pleased to add Buckeye85 to our portfolio. Our conviction in well-located, Class A industrial assets remains strong, and we believe this acquisition will continue to support the strong relative performance of the fund.”
Matt Bogovich, Vice President of Transactions, added: “We are pleased to have acquired such a high-quality industrial asset in Phoenix. Buckeye85 stands out given its new construction, modern features, and prime location. This transaction is consistent with LPF’s objective to increase exposure to industrial properties, especially in locations with favorable supply and demand dynamics.”
LaSalle Property Fund invests in and manages a portfolio of diversified high-quality core real estate assets in major markets across the US in the industrial, multifamily, office, retail and niche sectors. Since its inception in 2010, LaSalle Property Fund has focused on creating and managing a portfolio with an emphasis on property types with strong growth potential and lesser risk of disruption from secular changes. The Fund’s assets are diversified across major and niche property sectors in major American markets, aiming to provide reliable returns.
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://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 central London hotel from abrdn for £56 million on behalf of a UK Custom Account client.
The modern, 291-bedroom hotel is situated on the Minories, at Tower Hill in the City of London. The hotel is let to Motel One – the European hotel operator – on a long-term inflation-linked lease. The building achieved a BREEAM ‘Excellent’ rating on its construction in 2014 and has an EPC rating of ‘A’.
Sophie Simmonds, Managing Director, UK Custom Accounts at LaSalle, said: “We are delighted to add this acquisition to our client’s growing portfolio. The hotel meets our objectives, being a high-quality asset with strong sustainability credentials, in a fantastic city-centre location, with a long-term inflation-linked income stream, and leased to a leading European hotel operator.”
LaSalle was advised on the transaction by Kimmre. abrdn was advised by JLL.
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About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com, and LinkedIn.
