Dan Mahoney, Americas Investment Strategist at LaSalle discusses anticipated urban apartment inflection points in 2021. He focuses on the dramatic decline in downtown apartment rents and when we expect to see them stabilize. He discusses historical trends and how we might use these past inflection points to anticipate what we might expect to happen in the future.
LaSalle Investment Management (LaSalle) is pleased to announce it has been named a Best Place to Work in Money Management for 2020 by Pensions & Investments (P&I). This marks the fifth consecutive year LaSalle has received this prestigious recognition.
The annual survey and recognition program hosted by P&I is dedicated to identifying, measuring and recognizing the best employers in the money management industry.
Jason Kern, LaSalle Americas CEO, said: “We are proud to once again be recognized as one of the best places to work in our industry. Earning this recognition five years in a row is a testament to our focus on dedication to creating transparent, diverse and talent-filled workplace that is fulfilling for our employees, and ultimately beneficial for our clients. Through this challenging period and beyond, we will continue to promote a culture that emphasizes performance and service for our clients, while ensuring our employees have the necessary resources for personal growth and development.”
Amy B. Resnick, P&I Editor, said: “In this very unusual year, we learned again that employers that consider the overall wellbeing of their employees are regarded well. The best employers in 2020 are those that have stepped up with policies and practices to support and protect employees’ physical and emotional health, while continuing to keep the focus on clients’ needs. Our surveys found that the employers on the list were likely to work hard to sustain their corporate cultures, even during times of pandemic lockdowns and continuing to work from home in many cases.”
Pensions & Investments partnered with Best Companies Group, a research firm specializing in identifying great places to work, to conduct a two-part survey process of employers and their employees. The first part consisted of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies.
About Pensions & Investments
Pensions & Investments, owned by Crain Communications Inc., is the 48-year-old global news source of money management. P&I is written for executives at defined benefit and defined contribution retirement plans, endowments, foundations, and sovereign wealth funds, as well as those at investment management and other investment-related firms. Pensions & Investments provides timely and incisive coverage of events affecting the money management and retirement businesses. Visit us at www.pionline.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
LaSalle Investment Management (“LaSalle”), an operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), announced today that Mark Gabbay, currently CEO and CIO of LaSalle Asia Pacific, will assume the role of LaSalle Global CEO, effective January 1, 2021. Gabbay will succeed Jeff Jacobson, who is transitioning leadership after a 14-year tenure as LaSalle Global CEO. Jacobson will stay on as LaSalle Chairman through at least June 2021 and will continue to work closely with the leadership team to ensure a smooth transition and continued momentum in the business.
As Global CEO, Gabbay will have overall leadership responsibility for LaSalle’s strategic direction and growth. He will report to Christian Ulbrich, President and CEO of JLL.
Gabbay joined LaSalle in 2010 as Chief Investment Officer for Asia Pacific. In 2015, he became APAC CEO and has since been the central architect of the firm’s stellar investment performance and robust earnings growth in the region. Gabbay’s extensive real estate investment background before joining LaSalle includes serving as Managing Director and Head of the Asia Asset Finance Division at Nomura and Co-Head of the Asia Pacific Global Real Estate Group at Lehman Brothers.
Jeff Jacobson, incumbent LaSalle CEO said, “Mark’s experience and track record of outperformance have been critical to the success of our Asia Pacific business, and he possesses the right mix of skills, innovative thinking and leadership to drive LaSalle’s growth going forward. The foundation of our business is very solid, and I am confident that the firm will experience great momentum and success with Mark and our entire global leadership team. I look forward to helping this transition and observing the progress in the years ahead.”
As CEO since 2007, Jacobson successfully led LaSalle through two global crises and oversaw a period of expansion with AUM growing over 57% to more than $65 billion as of Q3 2020. During his tenure, LaSalle executed numerous strategic product launches, accretive acquisitions, and a global transformation culminating with a coordinated series of leadership appointments being announced today.
Christian Ulbrich, JLL CEO added, “Jeff’s leadership and investment expertise have been instrumental in LaSalle’s success over the past 30 years. We thank him for positioning the business on such solid footing and being an outstanding steward for LaSalle’s investors and employees throughout his career. Mark is the right leader to drive the next phase of growth and further enhancing LaSalle’s industry leading real estate investment management offer.”
Mark Gabbay, incoming LaSalle CEO said, “I am honored and excited to become the next CEO of LaSalle. Our global platform, singular real estate focus and investment expertise around the world is unparalleled and I look forward to working with our teams to drive growth, innovation and performance in the years ahead.”
As part of the succession plan, the following leadership changes are being implemented in LaSalle’s Asia Pacific region:
Keith Fujii, Japan CEO, will step into the Asia Pacific CEO role previously held by Mark Gabbay
Claire Tang, Head of Greater China, and Kunihiko (Nick) Okumura, Head of Japan Acquisitions, will become Co-CIOs of Asia Pacific to fill the CIO role previously held by Mark Gabbay
In addition, the following individuals will be stepping into new global roles as part of the global transformation of LaSalle:
Tim Kessler, Global Head of Corporate Strategy and Development, will become Global Chief Operating Officer
Alok Gaur, Global Co-Head of Client Capital Group, will become Global Head of Client Capital Group
Jon Zehner, Global Co-Head of Client Capital Group, is transitioning to CEO of Global Partner Solutions, LaSalle’s global unlisted indirect business unit, succeeding Ed Casal
Other members of LaSalle’s executive leadership team remain in place:
Jacques Gordon as Global Strategist
Lisa Kaufman as CEO Global Real Estate Securities
Gordon Repp as General Counsel
Mike Ricketts as Global Chief Financial Officer
Darline Scelzo as Chief Human Resources Officer
Jason Kern as CEO Americas
Philip La Pierre as CEO Europe
-ends-
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announced the acquisition of two logistics facilities on behalf of LaSalle China Logistics Venture (“LCLV” or the “Fund”). LaSalle’s first dedicated China logistics vehicle, the Fund invests in modern logistics facilities in markets with strong fundamentals.
Purchased as a portfolio of two completed assets from an e-commerce retailer in China, the new additions add close to 139,273 square metres of modern Grade A logistics facilities to LCLV and are located in well-established logistics markets. The first is a Grade A warehouse located in Tianjin Wuqing, a satellite market of Beijing, which is 35 kilometres Beijing Daxing Airport and only 80 kilometres from Beijing city centre. It is an ideal hub for city and regional distribution in a market where high-grade properties command a premium.
The second facility newly acquired for LCLV is located in Suzhou Industrial Park, one of the largest national development zones in China and a model of successful industrial park development. It is close to the central business district of Suzhou, a hub of international trade and business, and is only 65 kilometres from Shanghai’s central business district. Future supply in the area is highly limited and demand continues to be robust.
Since closing in Q3 2020, portfolio occupancy has improved from 37% to 93%.
Together, these properties represent the eighth acquisition for LCLV. The Fund’s portfolio now spans key logistics regions in China, from prime Shanghai and Beijing markets to South China’s Greater Bay Area.
Mark Gabbay, CEO Asia Pacific of LaSalle Investment Management, said: “The Covid-19 pandemic has underscored the importance of efficient distribution. As China leads the economic recovery in Asia Pacific into 2021 and beyond, LCLV is giving investors access to potentially attractive investment opportunities via quality logistics assets in China, where warehouse tenants increasingly show a preference for Grade A facilities.”
Claire Tang, Head of Greater China at LaSalle Investment Management, said: “These well-located facilities are an excellent fit for LCLV and highlight our ability to seize opportunities to expand our portfolio through the acquisition of high-quality assets. Modern logistics facilities have been a key investment focus for LaSalle, and the market fundamentals for China logistics remain compelling.”
LaSalle has a long track record in China logistics, completing more than US$2.1 billion of transactions since 2008. It debuted LCLV in 2019, completing the first close of the Fund in April 2020 with initial capital commitments of US$681 million and a diverse mix of investors from Europe, the Middle East, and Asia. LaSalle currently manages over US$4 billion of logistics investments across key markets in Asia, including China, Japan and Korea.
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
LaSalle Investment Management (“LaSalle”) is pleased to announce it earned top scores on two industry-recognized global environmental, social and governance (ESG) benchmarks for asset managers, underscoring its commitment to sustainability and measures to reduce carbon emissions.
Within the 2020 Global Real Estate Sustainability Benchmark (GRESB), six of the firm’s commingled funds, its listed REIT in Japan, and two separate account mandates in Europe have been recognized for ESG performance. Across these nine submissions, the firm achieved one 5-star, five 4-Star and three 3-star GRESB Ratings. GRESB said its assessment structure fundamentally changed this year, with a new baseline for performance measurement, and that a comparison between absolute scores for 2020 and previous years was not meaningful.
LaSalle commingled products recognized within the 2020 GRESB include:
LaSalle Canada Property Fund
Encore+
LaSalle Asia Opportunity Fund V
LaSalle Logiport REIT
LaSalle Property Fund
LaSalle E-REGI
JLL Income Property Trust
LaSalle also achieved very positive results on its 2020 United Nations ‘Principles for Responsible Investment’ (UN PRI) Assessment Report, including the addition of a new category for indirect property on behalf of LaSalle GPS with a perfect score and A+ rating.
LaSalle UN PRI Assessment Report results include:
Strategy & Governance: A+ for a fifth straight year
Listed Equity – Incorporation: A
Listed Equity – Active Ownership: A, up from B the previous year
Property: A+
Indirect Property: A+
Jeff Jacobson, Global CEO at LaSalle said: “I am pleased to see our continued focus on sustainability being recognized by leading industry benchmarks like the GRESB and UN PRI ratings. We remain committed to becoming a more sustainable organization through our internal operations and across the portfolios we manage, while achieving superior investment performance for our clients.”
These recent achievements follow LaSalle’s announcement of their global commitment to the Urban Land Institute’s Greenprint Center for Building Performance Net Zero Carbon (“NZC”) Goal and becoming a signatory to the UK Better Buildings Partnership Climate Change Commitment, setting out LaSalle’s ambition for the European portfolio to achieve NZC by 2050 for both whole building operational carbon and embodied carbon.
About GRESB
GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.
About the PRI
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
Followers of both US and UK politics are accustomed to studying maps coloured in with either red or blue. While Europeans may find it odd that Americans use red to indicate states won by the party on the right—the rest of the world generally associates that colour with socialism—the use of only two hues suggests a kind of satisfying, binary conclusiveness. And in the context of a major global resurgence of COVID-19, many people undoubtedly look forward to closure on something, not least the seemingly never-ending US presidential campaign or the endless UK/EU trade negotiations. However, in this topsy-turvy year, a well-defined outcome for either is far from guaranteed. In the case of both the US election and Brexit, there is a likelihood that we must cope with an unclear result and extended uncertainty; in other words, with shades of grey.
We cannot predict the outturn of either the US election or the EU trade negotiations with any great certainty. Our strongest conviction: All this uncertainty is likely going to take time to sort out.
In prior decks, we have shown how election results have only a modest impact on real estate markets. However, there is evidence that extended economic or policy uncertainty does seem to play a role. And with Trump and Johnson at the reins, uncertainty is not in short supply. Let’s take each of these events in turn.
Neither the opinion polls nor the betting spreads have covered themselves in glory these past years. Nonetheless, both place Biden comfortably ahead with just a few days to go before the US election. The electoral college and the disinformation campaign surrounding postal votes suggest that the result of the election could be closer than implied by polls, almost certainly leading to a legal challenge from the loser. A contested election in the US could become a concern to private equity real estate assets if the uncertainty becomes entrenched. This concern cannot be ruled out if resolution through the courts takes several months. In normal times, this could be a survivable period for real estate; but as it will coincide with the twin threats of a COVID-19 resurgence and a stalled recovery, this uncertainty has the potential to dislodge tenants and deter investors during Q1 2021.
Meanwhile in the UK, the preferred deadline for UK/EU trade negotiations was in October; the practical deadline is sometime in November. Sensing the public’s desire for clarity, “Get Brexit Done” became the slogan of Boris Johnson’s December 2019 winning election campaign. The Brexit saga returned to the fore during 2020’s summer months as negotiations with the EU stalled. We have long argued that the short-term negative impact of a No Deal Brexit will be relatively muted, particularly when compared to the havoc wreaked by COVID-19. However, not all possible no-deal Brexits are created equal; Capital Economics[1] has argued that an “uncooperative no deal,” where talks break down in an environment of animosity, would be more damaging in the long run because it would lead to fewer agreements in the future and the expiry of temporary measures.
Moreover, uncertainty surrounding Brexit has clearly influenced the occupier and investment markets since the 2016 EU referendum. As it stands, UK real estate would most likely feel the effects of continued uncertainty to the end of 2020 or indeed beyond into 2021 should we see a short-term extension or bare-bones deal. As with the US, this Brexit-related uncertainty in the UK comes at a time when the country is struggling to get another wave of COVID-19 under control. There are many possible paths which the UK/EU relationship could take, and we may not see the full repercussions for several years to come.
The US and Europe are not alone in facing political transitions during the pandemic. Japanese Prime Minister Shinzo Abe was forced to step down in August due to health problems. At least his successor, former right-hand man Yoshihide Suga, was selected quickly and represents policy continuity. But the fizzling of Hong Kong’s pro-independence protests amid social-distancing regulations seems to come with a less definitive conclusion to the tensions there. The passage of the National Security Law comes with promises that it does not represent an end to “one country, two systems”—an outcome we believe requires appreciation for shades of grey.
Uncertainty in and of itself need not be negative for real estate. If it manifests in lower bond yields, then recent years have shown us that an income-producing asset class such as real estate could be a net beneficiary. Moreover, opportunistic investors may look to take advantage of weak currencies and cheap leverage, whilst long-term investors may move to secure prized assets at a discount. But there is nevertheless cause for caution. The UK and US are led by populist leaders who are failing to come to grips with the pandemic. They are both among the largest, most liquid, and transparent real estate markets in the world, top destinations for cross-border investment, and arguably the worst hit by the structural changes ongoing in the retail sector. We cannot predict the outturn of either the US election or the EU trade negotiations with any great certainty. Our strongest conviction: All this uncertainty is likely going to take time to sort out.
[1] “Brexit: Deal or no deal is not the big issue” Capital Economics 1 October, 2020
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announced the on-time completion of three new LaSalle Logiport logistics facilities in Greater Shanghai. With strong pre-leasing momentum indicative of a solid market for high-specification logistics facilities in the Shanghai region, the new Grade A facilities are an impressive addition to the LaSalle portfolio.
LaSalle Logiport Shanghai Qingpu is a 47,000-square-meter logistics facility situated in a prime location in the Qingpu Industrial Zone. Only 50 kilometres from Shanghai’s central business district, Qingpu district straddles key regional transportation routes and is a vital part of the Yangtze River Delta Economic Zone. The new two-storey double-ramped Logiport facility has been fully pre-leased to a leading global integrated express courier and logistics operator.
LaSalle Logiport Suzhou, located in Wangting International Logistics Park, is a state-of-the-art facility providing 51,000 square meters of logistics space in a two-storey double-ramped building completed at the end of September. It is close to Suzhou city, a hub of international trade and business, and 90 kilometres from Shanghai’s central business district. Eighty-two percent of the state-of-the-art facility has been pre-leased to a major retailer and e-commerce leader in China.
LaSalle Logiport Jiaxing is a two-storey double-ramped logistics facility located in Pinghu Logistics Park at Dushan Port. Serving Yangtze River Delta traffic and international maritime transport, the Park is also only 90 kilometres from Shanghai’s central business district. Completed at the end of September, the new Logiport hub has a total floor area of 96,000 square meters, fifty four percent of the facility has been pre-committed to one of China’s largest e-commerce logistics companies.
The three properties are new additions to the LaSalle Asia Opportunity Fund series, which invests in diversified real estate with a value-add investment strategy.
Mark Gabbay, CEO Asia Pacific of LaSalle Investment Management, said: “The Covid-19 pandemic has underscored the importance of efficient distribution. As China leads the economic recovery in Asia Pacific into 2021 and beyond, LaSalle Logiport is giving high-calibre multinationals access to Grade A logistics facilities that support their ongoing growth. The timely completion and successful leasing of these well-located facilities highlight our ability to execute and deliver on China logistics investment opportunities.”
LaSalle has a long track record in China logistics, completing more than US$2.1 billion of transactions since 2008. LaSalle currently manages over US$4 billion of logistics investments across key markets in Asia, including China, Japan and Korea.
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
LaSalle Investment Management (“LaSalle”) has announced the successful launch and investment momentum of its LaSalle Global Navigator Fund (“the Fund”), an open-ended relative value real estate investment vehicle advised by the firm’s indirect investment platform, LaSalle Global Partner Solutions (“LaSalle GPS”).
The Fund received founding capital commitments of US$320 million as of 30 September 2020, including US$25 million of co-investment capital from JLL, highlighting the firm’s broader conviction and alignment of interest. The Fund features a diversified in-place portfolio of investments across a range of investment vehicles in the US, Europe and Asia. The Fund recently completed an investment into a US medical office fund, as well as a UK student accommodation fund, highlighting its ability to strategically deploy capital during uneven market conditions. The Fund also has significant uncommitted capital to make focused investments that can capture fast-moving technological changes.
Catriona Allen, Fund Manager for LaSalle Global Navigator, said: “The launch and momentum of LaSalle Global Navigator reflects increasing demand from investors for access to global investment opportunities across the risk spectrum. The Fund aims to offer clients a compelling combination of attractive risk-adjusted returns, reliable cashflows with strong downside protection and robust liquidity. Our experienced global team has hit the ground running and we are looking forward to further growing the Fund and continuing to invest across a range of geographies, managers and underlying asset types.”
The LaSalle Global Navigator Fund seeks to provide investors with a one-stop solution for exposure to a diversified global portfolio featuring bespoke investment opportunities providing small and medium sized institutional investors the access, service and cost efficiency typically afforded to the largest institutional investors. The Fund has flexibility to invest across the “four quadrants” of real estate: private and public equity, and private and public debt, in each case seeking out the most attractive relative value.
The LaSalle Global Navigator Fund also invests globally, primarily in the major markets and cities of the world, maintaining a core plus risk tolerance, and investing through a range of vehicles including commingled funds, joint ventures, co-investments and listed securities. The Fund leverages LaSalle’s broad platform and network, which includes established relationships with over 100 local real estate operators, to source and underwrite investment opportunities. The team’s work is supported by LaSalle’s global research capability and follows the firm’s proprietary DTU+E (Demographic, Technology, Urbanization and Environment) methodology, investing thematically and with conviction.
Ed Casal, CEO of LaSalle GPS, said: “The LaSalle Global Navigator Fund is an important addition to the range of indirect investment products we offer our clients, meeting the growing demand for diversified exposure to global real estate markets through a one-stop solution. In particular, we’re seeing smaller and medium-sized investors, who want to increase allocations to the asset class but may not be able to build or support a global investment portfolio on their own.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
LaSalle today announced its commitment to the Urban Land Institute’s Greenprint Center for Building Performance Net Zero Carbon (“NZC”) Goal to reduce landlord-controlled operational carbon emissions of LaSalle’s global portfolio of managed assets to net zero by the year 2050.
Since becoming a signatory to the UN Principles for Responsible Investment over 10 years ago, LaSalle has been working across our managed portfolio to improve the sustainability aspects of our assets. In 2017 LaSalle added Environmental Factors to its investment strategy, recognizing the importance of issues such as energy and water efficiency, climate change impacts and resilience, and increasing carbon regulations as long-term, secular demand drivers of real estate. Following this, in 2018 LaSalle became a member of UN Environment Programme Finance Initiative (“UNEP FI”) and helped shape the future of climate risk assessment reporting for the industry by taking part in a two-year Task Force on Climate-related Financial Disclosures (“TCFD”) pilot project.
The success of this environmental, social and governance (“ESG”) integration has seen the business refocus its sustainability program, using this positive momentum to create a global carbon strategy to achieve NZC alongside other important sustainability goals.
Jeff Jacobson, CEOfor LaSalle Investment Management said, “At LaSalle we’re committed to doing right by our clients, our people and our planet. When we invest in ESG best practices, we are enhancing the performance of our clients’ investments, and bettering the communities we live, work and invest in. We are proud to stand with the ULI Greenprint Center for Building Performance on net zero carbon ambitions and commit to this industry goal, and look forward to creating positive, powerful change.”
The ULI Greenprint net zero carbon goal is designed to meaningfully reduce the built environment’s impact on climate change beyond existing efforts. It encourages portfolio-wide carbon reductions via deep energy efficiency improvements, on-site renewable energy, green utility power and building electrification, off-site renewables, renewable energy credits and, as a last resort, carbon offsets. The goal is in line with the Paris Agreement and findings from the Intergovernmental Panel on Climate Change (IPCC) report to limit global warming to 1.5⁰ C.
LaSalle’s increased commitment can further be seen in Europe where the firm is advancing a step beyond the ULI goal as a signatory to the UK Better Buildings Partnership Climate Change Commitment, setting out LaSalle’s ambition for our European portfolio to achieve NZC by 2050 for both whole building operational carbon and embodied carbon.
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
If the levels of stock prices are any indication, global COVID-19 worries may be behind us.
Many of the world’s largest stock indices, including the NASDAQ, the S&P 500, the Nikkei, the Dax 30 and the Shanghai Stock Exchange Composite, have all recovered most of their COVID-19 losses or even topped their pre-pandemic levels. Traditional wisdom has it that share prices are one of the best predictors of the future. Hence, a rising stock market might reflect that everything is under control, and the economic crisis is drawing to a close. (p.5 of the macro deck)
In sum, real estate may be the caboose on a recovery train that has not yet left the station.
Yet, the gulf between the real world and the global capital markets is wide. Moreover, there is another bit of wisdom we have quoted in the past: “The stock market has predicted 9 out of the last 5 recessions” (Attributed to Nobel Laureate, Paul Samuelson). Maybe the odds are the same on the way up as on the way down. While the unprecedented liquidity injections by Central Banks have helped stabilize the global capital markets, the economic wounds from the COVID-19 pandemic have not fully healed. (pp. 8-9) According to the World Bank, the global economy is expected to shrink by 5.2% in 2020 – the worst recession since World War II. The disruption of economic activities due to shutdown measures has severely impacted corporate and municipal financial health (pp. 11-12). As a result, solvency risks have increased, and liquidity alone cannot solve a solvency issue. Companies cannot survive on subsidies and low-cost debt forever; eventually they need more revenue.
In the face of revenue uncertainty, many companies are expected to cut labor costs to shore up their earnings outlook. This trend is evidenced by the growing number of redundancy announcements, especially in industries that focus on retail trade and services. The pressure on companies’ financial health is expected to increase as the emergency measures (e.g., wage subsidies, deferred loan payments, stimulus spending) taper off next year in many countries. This weakened business outlook is expected to drag on households’ forward view for employment and income, which could further reduce consumption. Any potential COVID-19 resurgence and growing geopolitical tensions around the world also could further cloud the recovery.
So, with all this seemingly bleak news, what is the stock market trying to tell property investors? There are at least six options to consider:
The worst may be over. Vaccine and treatment trials today could result in record-breaking production and inoculation that may tame COVID as quickly as it burst on the scene.
Headcount reductions today could slingshot into higher earnings growth next year during the coming economic recovery.
When you peel back many stock indices, most of the uplift seems to be concentrated in a few sectors or stocks; the pandemic may have created a few big winners and many losers. This pattern is found in the US REIT universe also. (pp. 26-27)
There is an excess of capital available in the capital markets. It needs to find a home, and stocks are generally an easy place to park cash. Private equity may need a longer runway to take off and a longer glide path to land. (p.3)
Interest rates could stay low for much, much longer. More than any specific recovery scenario, these low rates could be raising asset prices. (pp. 17-18)
The stock market signal could be a “false dawn” and might evaporate if a second wave of COVID 19 hits in the months ahead. (p.4)
For real estate investors, as weaker economic conditions filter through to occupier demand, the net operating income (e.g., rents and occupancy) for real estate could deteriorate further before we get an actual sunrise. It usually takes about six months for macroeconomic trends to filter through to real estate fundamentals. The wait for a property market recovery could be elongated by the expiration of various fiscal stimulus packages sometime next year.
In sum, real estate may be the caboose on a recovery train that has not yet left the station. While waiting to catch the early train, investors may seek to trade out of asset types that are a drag on future performance while reserving seats in the head cars where the ride could be smoother. To mix a metaphor, investors should beware of the “false dawn”, as it is premature to declare that COVID is under full control just yet. Yet, the sun will rise again someday, and so investors should be well-positioned to catch the early train, even if it means standing in the dark at the station.
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
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.
Company news
Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham
Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.
Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona
The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.
Dec 12, 2024 LaSalle’s ISA Outlook 2025: Potential structural changes and distinctive cyclical patterns offer APAC opportunities
It comes as interest rates are down and economic growth concerns have begun to fade, but new risks are on the horizon.
Make sure you’ve spelled everything correctly, or try searching for something else. If you still can’t find what you’re looking for, you can always Contact us to talk to someone.
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.
