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.

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.

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 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

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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 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.

LaSalle Investment Management (“LaSalle”) is pleased to announce it earned top scores on two industry-recognized global sustainability 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 sustainability 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 sustainability 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 sustainability issues has become the norm, with GRESB widely recognized as the global sustainability benchmark for real assets. For more information about GRESB and its sustainability 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 sustainability 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 sustainability 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.

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 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.

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.

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 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 sustainability 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, CEO for LaSalle Investment Management said, “At LaSalle we’re committed to doing right by our clients, our people and our planet. When we invest in sustainability 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. 

Additionally, LaSalle has received recognition for its ongoing commitment sustainability practices across its product platform globally, highlighted here: LaSalle Improves 2019 GRESB Performance and United Nations ‘Principles for Responsible Investment’ Assessments

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.

LaSalle Investment Management (“LaSalle”) is pleased to announce the establishment of the LaSalle Real Estate Scholarship for Black and Latino/a students. The scholarship program establishes a five-year, $100,000 per year commitment to provide rising Black and Latino/a college sophomores the opportunity to receive $10,000 toward their education. It will also include programmatic mentorship meetings with LaSalle executives designed to educate the scholarship recipient on careers in real estate investment management and the real estate industry in general.

The ultimate goal of the Program is to provide the recipients with the opportunity to apply for an internship at LaSalle, and with the express objective of being well-prepared to seek opportunities for full-time employment in the real estate sector upon graduation.

LaSalle is initially partnering with four academic institutions, including some of the top Historically Black Colleges and Universities (HBCU) in the U.S.:

• Roosevelt University
• Morehouse College
• Spelman College
• Florida A&M University

LaSalle plans to expand its partnerships with HBCUs and other academic institutions in the years ahead.

Students who receive the scholarship will have a minimum 3.0 GPA and will be required to attend four quarterly meetings, either virtually or in-person, including an investment committee meeting and a quarterly townhall. Additionally, each student will be matched with a senior leader of the firm, who will provide mentorship and help guide them through an introduction to the real estate profession.

Jason Kern, LaSalle Chief Executive Officer of the Americas, said: “It is our strong belief that racial and all other forms of diversity at all levels of our organization, and in society at large, will lead to a better future. As a whole, the real estate and financial services industry has lagged its peers, but at LaSalle we pride ourselves on being at the forefront of positive, meaningful change in the diverse makeup of our industry.”

Alfreda Delle, Deputy Portfolio Manager of LaSalle Property Fund, added: “Providing Black and Latinx students the opportunity to gain exposure to real estate and financial services professions at a young age is critical to expanding their career opportunities. These professions have historically not been seen as accessible to these populations, and with this scholarship, we’re putting the institutional strength and resources of LaSalle behind an effort to change that.”

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 announced it has completed the global public offering of LaSalle Logiport REIT (“LLR”), raising newly issued equity capital of 48.5 billion yen (approximately USD 456 million) on the back of strong demand from Japanese institutional trusts, regional banks, international institutional investors and retail investors in Japan. This marks the first global public offering of a Japanese real estate investment trust (“J-REIT”) since the start of the global Covid-19 pandemic in early 2020.

LaSalle’s logistics-focused J-REIT, LLR, will use the net proceeds of its latest public offering to acquire ownership interests in four logistics facilities: Logiport Kawasaki Bay and Logiport Shinmoriya located in the Tokyo Area as well as Logiport Amagasaki and Logiport Sakai located in the Osaka Area. With these acquisitions, LLR’s portfolio consists of 18 assets, totaling 1.9 million square meters, with total assets under management of 317.8 billion yen (approximately USD 3 billion).

Mark Gabbay, CEO Asia Pacific of LaSalle Investment Management, said: “With LLR, we are responding to strong investor appetite for quality logistics assets in Japan. Going forward, we will continue to grow and strengthen our portfolio with an active management strategy that leverages the global investment management knowledge of the LaSalle Group, as well as the deep expertise of our on-the-ground team.”

Keith Fujii, CEO and President of Japan at LaSalle Investment Management, said: “Robust growth in e-commerce and the drive for supply chain efficiencies, together with the institutionalization of logistics facilities as a real asset in Japan, continue to boost demand for modern logistics properties. Despite the challenges of the global pandemic, we are confident that both investors and tenants will continue to recognize the value of large-scale, high-performance logistics facilities.”

LaSalle has a long track record in Japanese logistics, having completed more than 2.36 million square meters in new development, 1.98 million square meters in new acquisitions, and 3.77 million square meters in leasing activity over the past 17 years. Since its debut in February 2016, LLR has doubled its assets under management and increased enterprise value by 2.6 times. LaSalle currently manages over USD 4 billion of logistics investments in Asia across key markets including Japan, Korea and China.

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.

Economies around the world have been damaged more severely than any peacetime event since World War II. Although none of us predicted a pandemic, it took this kind of tail-risk event to derail the Asia-Pacific region, the fastest growing region in the world. However, the combination of high levels of trust in Asia Pacific governments, an earlier start to the downturn and recovery, unprecedented monetary and fiscal stimulus packages, and the region’s important role in global supply chains, especially China lends resilience to the region. These macro factors, combined with high-frequency indicators, shed light upon our outlook for Asia Pacific economies and real estate markets, despite the uncertain duration of the pandemic, according to LaSalle’s mid-year Investment Strategy Annual (ISA) report.

LaSalle clients can view the full report at: https://www.lasalle.com/research/reports/2020-isa-mid-year-update 

Asia Pacific is likely to come out of the pandemic ahead of other regions due to the relative success of their public health policies. Nonetheless, like other regions, we expect to see setbacks caused by new outbreaks from time to time. LaSalle’s relative ranking of major Asia Pacific economies post COVID-19 recovery has China leading, followed by Japan, South Korea, Singapore, Australia and Hong Kong. Looking forward, larger the domestic economy, the stronger the pace of the country’s recovery is expected to be, with China, Japan and South Korea driving the recovery.

The pandemic accelerated existing trends that we have been following for many years in Asia Pacific, as well as several incipient trends, including: the rise of logistics, the demise of brick-and-mortar retailers, the market segmentation of residential properties (luxury, urban high-rise, mid-rise suburban, workforce, active adult, etc.), the mainstreaming of alternative or niche sectors, and the rising importance of technology as a driver for many real estate decisions. We continue to favour the logistics sector in the region. Looking forward we believe that professionally managed rental apartments present an interesting opportunity to consider in several Asia Pacific countries. With the exception of Japan, the apartment sector is not institutionalised in most parts of the region and it could be attractive to offer better amenities for residents and enable them to work from home in a better environment.

Jacques Gordon, Global Head of Research & Strategy at LaSalle Investment Management said, “The COVID-19 crisis and the ensuing global recession emphasize important lessons about portfolio construction. Property types respond very differently to global macro events, and their financial characteristics are affected by interest rate regimes, pandemics, or technology trends, which don’t respect national borders. This means that the performance of the principal property types is more dispersed than we have ever seen. During the cap rate compression era, all the main property types tended to converge in terms of performance. Now, in this downturn, the different risk-return characteristics of each property type come to the fore.

We believe that the key to making good investment decisions during a period of radical uncertainty is to avoid letting “recency bias” control your thought process. In other words, looking through and ahead of a crisis, like the current pandemic, will be important in order to survive and thrive. We believe all investors and indeed, societies-at-large, face the challenge to look beyond the darkest hour. Real estate, because it serves all industries and all segments of society, must pay especially close attention to the difference between temporary and permanent changes”.

Elysia Tse, Head of Research & Strategy for Asia Pacific at LaSalle Investment Management said, “Throughout the pandemic, real estate capital markets in Asia Pacific have generally been stable. Most investors are taking a wait-and-see view on new investments and focusing on existing portfolios. We have not seen substantial pricing discounts in Asia Pacific, despite the fact that we are in the worst recession of decades.

The biggest unknown lies in the outlook for property cash flows and Net Operating Income (NOI). If resurgences of infections get much worse than today or last much longer than anticipated, NOI could deteriorate further than anticipated—pricing movements could be partly driven by anticipation. Furthermore, the increase in capital market volatility is expected to drive flight-to-safety, keeping cap rates of core assets low. This trend is projected to widen the pricing differences between assets with secured cash flows and those without them. LaSalle’s logistics sector strategy in Asia Pacific has worked out well for us going into this pandemic. The logistics sector, although not immune to the impact of the COVID-19 pandemic, has been a relative winner of this global demand shock. In sum, the COVID-19 pandemic presents risks, but also potential opportunities in Asia Pacific, as investment managers play the arbitrage between the “haves” and the “have nots”.

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.

While robust fiscal and monetary policy support has helped mitigate the economic impact of the pandemic in North America thus far, the performance of property markets and asset classes across the U.S. and Canada over the near- and long-term will vary significantly. These variances will be attributed to divergent health policies, consumer behavior around disease mitigation strategies and shifting lifestyle preferences. Despite these uncertainties, real estate remains a shock absorber against economic volatility, and the benefits of real estate for portfolio diversification and risk management have shone through amid the turmoil.

LaSalle clients can view the full report at: https://www.lasalle.com/research/reports/2020-isa-mid-year-update 

Heading into the pandemic, the U.S. and Canadian economies, and most of each country’s major real estate markets, were in a period of remarkable stability, characterized by low unemployment and vacancy rates, moderate value increases for most of the primary property types, and balanced supply and demand. These factors should support both countries as they navigate the crisis, despite near-term volatility and risks. While unemployment rates have risen sharply, they started at an all-time low. Moreover, the vast majority of unemployment spikes resulted from furloughs in impacted sectors such as travel and retail, and the expectation is that many of these jobs will return once circumstances stabilize. This does not eliminate the immediate impacts of high unemployment on individuals or the economy. However, the U.S. and Canadian labor markets are more fluid than others with higher levels of metro-to-metro migration, which should support the recovery.

Macro Perspective

Jacques Gordon, Global Head of Research and Strategy at LaSalle, said: “The ways that policy, geography, climate and human behavior interact with the diversity of regional economic drivers will determine the relative performance across markets and global real estate portfolios. In the near-term, leaders will be locations that appeal to technology, life sciences, and a noticeable improvement in migration to sunbelt markets. Laggards will be metros with high levels of new infections, and markets with the greatest exposure to tourism and energy. As we move into a post-COVID-19 world, we see a different set of drivers being critical to economic and real estate performance. When the dust settles on 2020, we expect that real estate will remain an important contributor to the performance of an investment portfolio through its income-generating ability and the different path it tends to take during up and down economic and capital market cycles.”

As it relates to investment strategies, opportunities exist for both real estate securities and indirect investors to capitalize on the wide gaps between public and private real estate valuations. Likewise, specialized debt investors can benefit from a less crowded competitive landscape and wider debt spreads. For core investors, inflection points and recessions can generate attractive entry points for long-term strategies.

The near-term relative performance across property types is reflected in the level of vacancy entering the downturn. Industrial and multifamily properties were well occupied and positioned strongly prior to the downturn, suggesting a near-term rise in vacancies followed by a quick recovery. Office had only moderate demand with higher vacancy rates, at levels just below the sector’s long-term average, which aligns with LaSalle’s forecast for a volatile downturn and slow recovery. Retail had been suffering from eroding brick-and-mortar sales and over-leverage, which may compound near-term weakness across retail segments and tip some properties into distress.

U.S. Trends

Rich Kleinman, Co-CIO, Americas & Head of U.S. Research and Strategy for LaSalle, said: “At this point in the pandemic recovery, there is limited visibility on real estate pricing, and only marginally more on the direction of capital flows. Transaction volumes have fallen sharply in the U.S. since March, and properties trading are those with the strongest buyer interest with limited value declines from pre-COVID-19 pricing. To determine where the market might be heading, we are focused on which pools of capital are active, what they are likely to target, and where capital seems to be lacking. As transaction activity picks up in the second half of the year, the market disruption should create opportunities for investors to fill the capital market gaps and take advantage of pricing shifts.”

The lack of visibility into pricing has made research, data and technology even more critical to informing investment decisions during the pandemic. In addition to leveraging information technology firms and health authorities have provided to the general public, other tools can be useful in assessing the pandemic’s impact on real estate. LaSalle is incorporating data from the Blavatnik School of Government at Oxford University, which tracks policies such as school closure, travel bans and other lockdown measures, and combines it with fiscal and monetary interventions – all of which can be leading indicators for the economy and risk asset markets. Moreover, the firm is analyzing hyperlocal mobile data from Safegraph, Google, Apple and health agencies to monitor the spread of COVID-19 and estimate how people are altering their social distancing behavior. This helps to track hot spots, predicting which markets may see deeper and longer lasting effects of the virus. Finally, keeping track of the aggregate movement of people and vehicles highlights the economic activities that are prioritized and the rate at which other economic activities recover, as well as geographic disparity in such activity.

The data efforts LaSalle has put in place in prior years have turned out to be very valuable for identifying potential trouble spots. These studies accentuate the importance of high-frequency data in our industry and the uses to which this data can be put to underwrite and manage real estate assets.

Canadian Outlook

Like many other countries, the Canadian government implemented robust fiscal and monetary policy support to help mitigate the economic impact of the pandemic. Nearly CAD $255 billion was approved at the federal level, or roughly 12% of GDP. If future stimulus is needed, the Canadian government appears more willing to extend unemployment benefits if needed. The Bank of Canada also quickly cut its Policy Rate to 0.25% and initiated bond buying for the first time in its history. This support has enabled lending to resume and provides many businesses with the footing needed to survive until the recovery and the capacity to expand when that recovery starts.

Chris Langstaff, Head of Research and Strategy in Canada for LaSalle said: “In Canada, office demand was strong in most markets, with the exception of Calgary and Edmonton, which have been weak since the 2014-15 oil price downturn. Industrial properties were near record low levels of availability, a key reason we expect the severity of this downturn to be less for industrial than past recessions. Apartments were also in a strong position with relatively low vacancy and a balanced supply and demand, but both at strong levels. This suggests the near-term will see rising vacancy and falling rents, but a quick recovery as new supply slows and the previous demand trends resume.”

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 its U.S. Transactions Group has added veteran experience with the hiring of Brett Hopkins as Acquisitions Officer. Brett joins LaSalle from Torchlight Investors where he was a senior member of the acquisitions and originations team responsible for sourcing equity and high-yield debt opportunities.

In his new role at LaSalle, Brett will work with Portfolio Managers across the firm’s U.S. funds to identify accretive investment opportunities and enhance the firm’s growth. He will focus primarily on office, medical office, life sciences and retail opportunities in the Mid-Atlantic and Northeast regions.

Brett brings 18 years of experience and expertise in a range of property sectors across the risk spectrum. He is also well versed in structured finance, including senior, mezzanine, preferred and join-venture equity investments during his time at Torchlight. Prior to his time at Torchlight, Brett spent more than seven years at True North Management Group where he sourced and closed debt and equity investments across various property types throughout the Southeast. He holds a BS in Business Administration from Richmond University and has an MBA from The University of North Carolina Kenan-Flagler Business School.

Brad Gries, Head of LaSalle U.S. Transactions Group, commented, “We are excited to welcome Brett to our team of experienced investment professionals. I am confident that he will be a great addition to our strong culture of industry expertise, judgement and discipline that has set LaSalle apart as an industry leading investment manager. I look forward to Brett continuing to enhance the portfolio we have successfully built on behalf of our clients.”

Brett Hopkins, Acquisitions Officer for LaSalle’s U.S. Transactions Team added, “I am proud to join LaSalle’s rich tradition of excellence and look forward to building on the firm’s successes. With the current market environment and with deep and diverse capital available, it’s an exciting time to identify attractive investments 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.

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:

• Retail: COVID-19 has compounded structural challenges facing the sector, such as the growth of e-commerce and changing consumer behaviour. These trends were already most progressed in the UK and, from January to April, online retail sales grew 30% year on year, while total retail sales declined 23%, increasing the share of online retail spend, or e-commerce penetration rate, to a record 31%. Consequently, LaSalle expects average UK retail property value, having fallen c.12% since 2018, to drop by another 20-30% in 2020. Other European markets are following: German online retail sales increased by 24% in April against an overall decline of 6%, albeit with online penetration of only 12%. Nonetheless, non-discretionary, grocer-anchored, open-air shopping centres remain well-positioned.

• Logistics: Conversely, the structural shift to online retail, magnified by the pandemic, is a driver of demand for European distribution and fulfilment centres. Across different markets, LaSalle predicts e-commerce penetration to increase by 5%-15% from pre-coronavirus levels. Logistics assets have also benefited from emergency supply chain reorganisation, onshoring and the trend of maintaining higher inventory levels. However, physical retailers account for approximately one third of demand for European logistics, a figure set to diminish. There also remains an oversupply of motorway logistics assets exposed to technological advances such as autonomous vehicles and 3D printing.

• Office: European office markets have been subject to the only pronounced reversal of a pre-existing trend, with patterns of migration towards large cities and rising population density receding during, and probably after, the pandemic. Financial, professional services and technology companies’ ability to work remotely has sustained income streams, with rent collection rates of over 80% for class-A offices globally. However, a combination of a global recession and higher rates of work from home, threaten medium-term demand. However, this should be partially mitigated by reduced workplace density; the long-standing undersupply of Europe’s largest office markets; and tenants seeking refurbished premises that enhance health and safety. Meanwhile, flexible offices have experienced short-term falls in cashflow but should benefit from increased demand in the longer term.

• Residential and alternatives: Despite its relative immaturity from an institutional investor perspective, Europe’s residential property market has been the most resilient sector, with institutional-quality assets collecting more than 90% of rent globally. Residential properties have directly benefited from wage subsidy schemes and experienced increased short-term demand driven by lockdown-enforced illiquidity in house-buying markets. While the long-term robustness of their income streams will be tested through the impending economic contraction, index-linked ‘long-income’ assets have also proven highly resilient. The strong returns on offer from rental housing compared to investment-grade bonds, which are likely to continue record-low yields, have begun to attract interest from a wider array of investors. Within other alternatives, healthcare’s emergence as a mainstream sector has accelerated. Meanwhile, hotels and student accommodation have been adversely affected – with the latter facing a longer-term trade-off between its traditional countercyclical appeal during recession and the possible decline in overseas student numbers.

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”), 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.

LaSalle Investment Management (“LaSalle”) today announced it is supporting the American Red Cross by hosting blood drives across its U.S. property portfolio through 2021. This is especially important as hospitals resume surgical procedures and patient treatments that were temporarily paused earlier this spring in response to the COVID-19 pandemic.

This initiative aligns with LaSalle’s broader sustainability program, which focuses in part on supporting the communities in which it operates. The collaboration intends to roll out blood drives at approximately 70 LaSalle properties across the U.S. through 2021. This represents the first time a national commercial real estate business has teamed up to provide use of space across multiple buildings for blood drives to advance its lifesaving mission at scale.

Jason Kern, Americas CEO at LaSalle Investment Management, said: “This innovative collaboration with the American Red Cross is a terrific demonstration of our sustainability program in action. We are able to use our national infrastructure to help replenish the blood supply that is essential to saving lives. The need is especially important now, as the COVID-19 crisis has disrupted blood donations. We’re honored to work with the Red Cross and take the lead on behalf of the commercial real estate industry to support this cause and look forward to lending our ongoing support.”

Kamenna Lee, Vice President Biomedical Services Marketing at American Red Cross, added: “Due to the closure of college campuses, schools and many businesses moving to work-from-home operations amid this pandemic, the Red Cross has seen a significant decrease in blood donations from locations where we ordinarily collect 80% of our blood supply. We are grateful for the support of organizations like LaSalle who have stepped up to offer new donation opportunities where donors can make the lifesaving gift of blood. LaSalle will allow tenants and residents at its properties to make blood donations in a familiar environment, helping save lives in such a critical time.”

The blood drives hosted at LaSalle properties will launch in the third quarter of 2020. Individuals interested in donating blood must present either an American Red Cross donor ID card or an acceptable primary form of ID, additional eligibility criteria apply. For more information on requirements and blood donations, please visit www.redcrossblood.org.

About the American Red Cross

The American Red Cross shelters, feeds and provides emotional support to victims of disasters; supplies about 40 percent of the nation’s blood; teaches skills that save lives; provides international humanitarian aid; and supports military members and their families. The Red Cross is a not-for-profit organization that depends on volunteers and the generosity of the American public to perform its mission. For more information, please visit redcross.org or cruzrojaamericana.org, or visit us on Twitter at @RedCross.

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 it has completed the first close of LaSalle China Logistics Venture (“LCLV” or the “Fund”). The Fund and its co-investment vehicle have received initial capital commitments of US$681 million. LaSalle’s first dedicated China logistics vehicle has seen strong demand from investors, attracting a diverse mix of investors from Europe, the Middle East, and Asia. The Fund retained support from existing LaSalle investors as well as attracting capital from investors which are new to LaSalle.

LCLV will invest across tier I and tier II cities located in China’s key logistics regions, including the Yangtze River Delta (Greater Shanghai), Bohai Bay (Greater Beijing) and Greater Bay (South China). The Fund seeks to develop and build a diversified portfolio of modern logistics facilities in markets with strong fundamentals, capturing attractive development margins. LCLV also seeks to acquire and reposition underperforming logistics assets. The Fund will also look to invest in cold chain logistics, benefiting from the rising demand from the fresh food sector in China.

LCLV has recently acquired two development sites located in prime Shanghai satellite markets of Kunshan and Jiaxing. It has also acquired three stabilized logistics assets in Wujiang, Tianjin and Huizhou.

LaSalle has a long track record in China logistics, completing more than US$1.5 billion of transactions since 2008. LaSalle currently manages over US$4 billion of logistics investments in Asia, across key markets including China, Japan and Korea.

Mark Gabbay, CEO Asia Pacific of LaSalle Investment Management, said: “With LCLV, we are responding to strong investor appetite for quality logistics assets. The quick completion of our first close is a testament to our strong track record and to the attractive returns available in the logistics sector in China.”

Claire Tang, Head of Greater China at LaSalle Investment Management, said: “Growth in domestic consumption, and e-commerce in particular, will continue to boost demand for modern logistics properties. With the closing of our new Fund, we will draw upon our regional resources and local expertise in the sector to pursue compelling investment opportunities and expand our investment footprint.”

Yen Tjin Chan, Fund Manager, LaSalle China Logistics Venture, said: “We are pleased with the fundraising success of LCLV. We seek to continue to leverage on our strong on-the ground team as well our existing partnerships to develop and acquire a diversified portfolio of logistics 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.

To Our Valued Clients and Partners: The COVID-19 pandemic has created massive and rapidly changing challenges and disruptions for our communities, healthcare systems and economies. At this point in time, no one definitively knows the extent and duration of the pandemic or the resulting negative impacts on economies and investment markets. In this environment, we believe clear and frequent communication to all of our stakeholders is very important, and we wanted to provide you with a brief update on our assessment of the situation and the steps we are taking to ensure that we can navigate through these disruptions as effectively as possible.

Our immediate priority is to support the health and well-being of our employees and their families, clients, business partners and the communities where we operate. We are keenly focused on managing our business responsibly around the world and are guided by the latest information available from leading health authorities.

Given the global spread and rapidly expanding nature of COVID-19, we have implemented several elements of our Business Continuity Plan (BCP) including our remote work policy across all regions where we operate. We have been successfully operating under this policy in parts of Asia for over six weeks and have expanded it to other regions given the spread of the virus and actions national and local governments are taking in response. Our remote work capabilities are fully supported by an infrastructure that enables seamless access to our systems in a secure environment and communication across offices via a variety of web-enabled audio, video and written platforms. We are prepared to operate continuously for an extended period if required. We have also revised our employee travel policies in alignment with the guidance of global health and travel organizations to ensure we play our part in mitigating the potential further spread of this pandemic.

All of our investment, portfolio, and asset management teams are working closely with our research and strategy teams and third-party service providers to assess likely impacts on the investments we manage on your behalf and to ensure services are being delivered to tenants at the property level. Our Investment Committees and Risk Management Committees are meeting regularly to receive input from our on-the-ground sources and to provide feedback as to recommended actions. The global reach of our firm is channeling important insights from around the world to inform decision making across our portfolios.

While each market disruption is unique and the COVID-19 virus presents its own set of challenges, we have learned from experience that it is important to focus on maintaining liquidity and continuity of tenant income during these times. It is also important to increase the scope and frequency of our risk monitoring reviews, perform “what if” scenarios across a much broader range of potential economic outcomes, and to shift economic, occupancy, and rental growth forecasts to reflect changing circumstances. Finally, knowing that the pandemic will eventually subside and that disruptions create opportunities, we are also evaluating how things may play out in the medium to longer term and how to take advantage of likely opportunities to drive investment performance.

At the portfolio and property level, we remain focused on preserving value and actively managing our assets to minimize any short to medium-term impact created by COVID-19. Our Asset Management teams maintain constant communication with property staff and tenants to ensure the necessary preventative and reactionary protocols are in place. Given the scale of our 900 plus person platform, our teams have access to critical market information around the world and are sharing best practice insights in real time.

We continue to monitor the situation on a daily basis and will adjust our strategies as necessary. You should not notice any change to the level of service from our team, and we are committed to being transparent and proactive in our dialogue with you. We will provide you with regular updates of our assessments and views in the weeks and months ahead. Please continue to speak with your normal LaSalle contact should you have any questions or comments, and we wish good health and safety for everyone affected by this situation.

Sincerely,

Jeff A. Jacobson
Global Chief Executive Officer
LaSalle Investment Management

This communication may contain forward-looking statements with respect to LaSalle Investment Management. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements.

© 2020 LaSalle Investment Management. All rights reserved

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 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.

The outbreak of a new infectious disease, a slowing global economy, ongoing trade negotiations, high asset valuations, and disruptive technology may act as headwinds to favorable real estate performance. At the same time, low-to-zero interest rates, abundant liquidity, rising institutional allocation to real estate, improving real estate market transparency, and more measures for additional monetary and fiscal stimulus among major Asia Pacific – are all tailwinds driving favorable real estate performance in the region, according to LaSalle Investment Management’s Investment Strategy Annual (ISA) 2020. Our market sector recommendations for the Asia Pacific are more targeted for 2020 than prior years. Individual countries within the region may have different responses to these potential headwinds and tailwinds.

Uncertainty remains, as Asia Pacific contends with the trade tensions and exogenous shocks such as the Coronavirus (“CoViD-19”) outbreak. Drawing precise conclusion on the impact of the CoViD-19 outbreak on economic growth and real estate markets is highly speculative at this stage. There is a probability that the short-term impact of CoViD-19 on the Chinese and global economies could be greater than that of SARS, but the rebound/recovery could also be faster than that of SARS. It is still too early to determine and it depends on when CoViD-19 can be contained at a global level.

Nonetheless, there are many reasons for optimism. LaSalle believes that over the next two to three years, decelerating global economic conditions are most likely including in Asia Pacific. However, Asia Pacific is expected to rebound and remain the fastest growing region due to the region’s large population base, fast population growth, rapid urbanization, and its rising middle class. In particular, China remains a key driver of global economic growth over the medium and long term, despite short-term weaknesses.

Real estate, particularly income-generating properties, is favored by investors who are taking a defensive position. Strong liquidity and low-to-zero interest rates are expected to drive the attractiveness of real estate yields in multi-asset portfolios. The attractiveness of real estate is expected to keep prices high in the near term. However, as the economic slowdown weighs on real estate income growth, real estate prices are unlikely to experience substantial run-ups in the near term. In 2020, total returns are expected to decline from the past few years and be primarily driven by occupier fundamentals rather than strong price appreciation. Real estate occupier market supply and demand dynamics are increasingly important going forward.

Jacques Gordon, Global Head of Research and Strategy at LaSalle, said: “After 10 years of unprecedented, steady growth following the Global Financial Crisis, we anticipate that the next few years will bring more headwinds to the world’s real estate markets due to a progressively slowing global economy, ongoing trade and treaty disagreements, divisive domestic politics, high asset valuations and disruptive technology.”

He continues to explain, “However, we do not expect the generally positive current environment to quickly deteriorate due to a mix of macro tailwinds. For instance, low inflation, falling interest rates and balanced fundamentals in most developed countries create ideal conditions for real estate to thrive. And, while technology poses some level of risk, it also allows for more informed decision making and, in many cases, makes properties more attractive to their end users. Even if the potential for a sharp global reversal is unlikely, investors still need to proceed with caution and pay close attention to the macro forces driving each country and the micro-conditions for each specific asset in their portfolios.”

Elysia Tse, Head of Asia Pacific Research and Strategy at LaSalle, said: “This year our market/sector recommendations for the Asia Pacific are more targeted than those in prior years. We continue to favor the Japan real estate market, as current strong real estate market fundamentals in Japan, particularly in Tokyo and Osaka office markets, offer more room to cushion shocks or weaknesses in the near term.”

“We also see areas of relative strength, primarily in the Asia Pacific industrial sector with strong domestic consumption, the need for better designed and equipped facilities to handle the rapid expansion of e-commerce, distribution to major population centers, and rising demand for cold storage facilities to enable more efficient food processing and delivery to consumers.”

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” or “the company”) today announced it has renamed its U.S. debt fund platform to LaSalle Debt Investors (“LDI”). LaSalle completed the acquisition of LDI’s $1.2 billion debt fund business, known previously as Latitude Management Real Estate Investors, in January 2019.

Following a successful integration into LaSalle’s Americas business in 2019, LDI continues to execute its strategy of originating new bridge loans for value-add and transitional properties in sustainable growth markets throughout the United States.

LDI has managed a series of commingled debt funds, the fourth and most recent having a total equity raised of approximately $480 million. LDI’s cycle-tested management team and vertically integrated platform has supported LDI’s ability to close over $4.5 billion in transactions across all primary commercial real estate property types. LaSalle Debt Investors seeks to generate favorable risk-adjusted returns for investors by targeting middle market bridge loans to experienced sponsors with business plans that generate increasing operating income through value-add capital improvements, leasing strategies, and active asset management.

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”) announced that it has acquired the Overlook at Bernardo Heights, a 330-unit multifamily property located in the affluent Rancho Bernardo submarket of San Diego, California. LaSalle acquired the asset on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (“LPF”).

Overlook at Bernardo Heights features convenient access to major employers in the San Diego metro area including Sony, General Atomics, Bae Systems, HP and Northrop Grumman, as well as top-rated schools as measured by Niche.com. LaSalle believes operating fundamentals of the submarket remain favorable due to a variety of demand drivers combined with a lack of new supply and high barriers to entry.

Built in 1987, Overlook at Bernardo Heights also presents the opportunity to renovate unit interiors and upgrade common areas to capture higher rents. Brokerage services for the transaction were provided by Moran & Company.

Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “LPF is pleased to have increased its exposure to the San Diego market through its acquisition of Overlook at Bernardo Heights. We believe this investment is a good fit with LPF’s strategy to invest in high quality multifamily properties that are both located in top markets and offer the potential to be further enhanced through a modest renovation program.”

Summit Walia, Managing Director of Acquisitions at LaSalle, commented: “The Rancho Bernardo submarket along the I-15 corridor of San Diego is a great location to own multifamily property for a variety of reasons, including the quality of its schools and access to employment and outdoor recreational activities. San Diego’s outsized population and job growth combined with the submarket’s high barriers to entry makes this a compelling investment with meaningful upside potential.”

About LaSalle Property Fund

LPF invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across the United States. Drawing from LaSalle Investment Management, Inc.’s 40-year record of accomplishment of core real estate investment on behalf of sophisticated institutional investors, LPF aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through an investment process and platform that leverages LaSalle’s industry-leading market research.

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.