As macroeconomic and geopolitical trends generate concern, investors are weighing the impact of inflation, rising rates and an uncertain economic outlook. Clarity remains elusive in many areas of real estate, but LaSalle’s Insights, Strategy and Analysis (ISA) Outlook 2023 makes the case that looking through the acute phase of volatility can lead investors to find patterns and identify opportunities.

The full report can be viewed at: www.lasalle.com/isa

As the 2022 Investment Strategy Annual predicted, two areas of continued strength are the residential (encompassing both single-family rental and apartments) and industrial sectors, which continue to see healthy fundamentals. But, as the report notes, price discovery across the market remains difficult, and many sellers are anchoring to aspirational “peak” pricing, perpetuating a bid-ask gap and reducing transaction volume.

The report “looks through” this current period of volatility to a potentially more positive second half of 2023 and 2024 as economic growth recovers and new supply remains limited, potentially providing a rebound in rent growth for investors with holdings in sectors that are underpinned by solid fundamentals.

Brian Klinksiek, incoming Global Head of Research and Strategy at LaSalle, said: “Crises go through phases, but we humans are wired with recency bias that causes us to worry that short term pain could last forever. However, we’ve been through up and down cycles before, and we will eventually enter a more stable phase in the capital markets. Even now there remain opportunities within real estate for well-capitalized investors who understand the nuances of local markets and sectors.”

Select ISA Outlook 2023 findings for North America include:

• Inflation and higher rates continued to be key headlines in 2022. Many investors slowed transaction activity due to worries about the cost of capital. Many leveraged buyers were sidelined and may continue to be in early 2023. Expectations are interest rate pressures may start to ease, though this may come at the expense of a recession in Canada and the US early next year. The report lays out an expectation of returned economic growth in 2024 more in line with pre-pandemic norms.
• A “post-pandemic steady state” has emerged, with lockdowns in the region now in the rearview mirror and data showing people exhibiting pre-pandemic levels of activity – at least when it comes to leisure. Hospitality has benefitted from this rebound, and well-located  convenience retail is getting an uplift. Office, however, remains negatively affected. The report discusses the weak return to office in the US and Canada, and the dim outlook for office performance in the next several years.
• Industrial, single-family rental and apartments have much stronger fundamentals than office, though they are still impacted by rising interest rates. The expectation is these sectors will produce positive rent growth in 2023, albeit below the 2021 and 2022 inflation-fueled spike. Meanwhile, medical office is a haven for investors given its resilience to economic cycles.
• Market selection must now include assessment of climate risk exposure. Hurricane Ian, potentially the costliest hurricane in US history in terms of damages, was a reminder that climate risk will impact asset performance in a variety of ways.  

Rich Kleinman, Co-CIO and Head of Research & Strategy for the Americas at LaSalle, said, “While private real estate is often slower to re-price than public real estate, it is impacted by the same capital markets pressures driven by inflation and rising interest rates. In the short term, we expect price discovery to be slow in the US as both buyers and sellers have shifting price expectations. However, we believe this uncertainty can produce opportunity if you have the right insights on markets and sectors. This will be challenging and will require investors to weigh short-term value with long-term portfolio objectives.”

Chris Langstaff, Head of Research & Strategy for Canada at LaSalle, said, “We anticipate some short-term softening in the Canadian economy, especially given that household wealth is closely tied to home prices. However, Canada’s high levels of immigration will help the country with a more rapid recovery and the demand generated will allow real estate markets to quickly recover.”

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $79 billion of assets in private and public real estate property and debt investments as of Q3 2022. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit http://www.lasalle.com, and LinkedIn.

Forward looking statement

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 has been named a Best Place to Work in Money Management for 2022 by Pensions & Investments (P&I). This marks the seventh consecutive year LaSalle has received this prestigious recognition.

Presented by Pensions & Investments, the global news source of money management, the 11th annual survey and recognition program is dedicated to identifying and recognizing the best employers in the money management industry.

Kristy Heuberger, LaSalle Americas Co-Head, said: “We are proud to once again be recognized as one of the best places to work in our industry. We pride ourselves on creating a Culture of Care, which incorporates a holistic approach to promoting employee wellbeing, community connection and diversity, equity and inclusion. This honor is a reflection of the contributions of each employee at LaSalle and their critical role in sustaining our culture.”

Brad Gries, LaSalle Americas Co-Head, added: “Receiving this recognition seven years in a row speaks to a core tenant of our business: our people are our greatest asset. LaSalle is a tremendous place to grow together and not only provide superior client service, but foster a culture of inclusion and growth opportunities for our people. Thank you to all of our employees for making LaSalle a Best Place to Work in Money Management.”

P&I Executive Editor Julie Tatge said: “As their employees attest, the companies named to this year’s Best Places to Work list demonstrate a commitment to building and maintaining a strong workplace culture. Even as firms grappled with volatile markets and stresses from the pandemic, their employees said they feel strong support from their managers, enabling them to do their best work.”

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.

For a complete list of the 2022 Pensions & Investments Best Places to Work in Money Management winners and write-ups, go to www.pionline.com/BPTW2022.  

About Pensions & Investments

Pensions & Investments, owned by Crain Communications Inc., is the 50-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 | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $79 billion of assets in private and public real estate property and debt investments as of Q3 2022. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.

Forward looking statement

The information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has continued to deliver upon its environmental, social responsibility and governance (ESG) goals, recording improved performance in two industry-recognized global ESG benchmarks for asset managers.

Within the 2022 Global Real Estate Sustainability Benchmark (GRESB), 18 of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, have been recognized again for their ESG standards, further improving upon the results reported in 2021. Across 18 submissions, the firm achieved four 5-Star, eight 4-Star and six 3-Star GRESB Ratings.

LaSalle commingled products recognized within the 2022 GRESB include:

• LaSalle Asia Opportunity Fund V
• LaSalle Asia Venture Trust
• LaSalle Canada Property Fund
• LaSalle China Logistics Venture
• LaSalle Encore+
• LaSalle E-REGI
• LaSalle Japan Property Fund
• LaSalle Japan Retail Portfolio
• LaSalle LOGIPORT REIT
• LaSalle Property Fund
• JLL Income Property Trust

In addition, LaSalle has also received updated scores for the 2021 ‘Principles for Responsible Investment’ (PRI) Assessment Report, most notably securing a 5-star rating in the Investment & Stewardship Policy score, the only rating that applies across the whole of the firm. 5-star scores are reserved for asset managers that can, “demonstrate leading practices within the responsible investment industry.”

These results come following changes to the PRI’s reporting structure and scoring methodology, which included moving to a star classification system from letter classification.

LaSalle PRI Assessment Report results include:

• Investment & Stewardship Policy: 5 Stars
• Direct – Real estate: 4 Stars
• Indirect – Real estate: 4 Stars
• Direct – Listed equity – Active fundamental – incorporation: 4 Stars
• Direct – Listed equity – Active fundamental – voting: 2 Stars

David DeVos, Global Head of ESG at LaSalle said: “These impressive results evidenced in leading industry benchmarks demonstrate LaSalle’s commitment and expertise in delivering upon our ESG goals. While pleasing to have secured these metrics, reinforcing LaSalle’s status as a leader in responsible real estate investment, we continue to seek opportunities to accelerate our efforts in achieving our long-term targets and achieving superior performance for our clients.”

About GRESB

GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.

About the PRI

The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/  

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has partnered with Volta Trucks, the leading and disruptive full-electric commercial vehicle manufacturer and services provider, to launch the first Volta Trucks Hub in the UK. The Hub will serve the battery electric Volta Zero vehicles that are set to operate on the streets of London from early 2023. The Hub is the second service and maintenance facility announced by Volta Trucks, after Bonneuil-sur-Marne in Paris, with further centres in other European cities to be announced in due course.

Volta Trucks will soon begin fitting out the facility in London, which is on White Hart Lane in Tottenham, near many of Volta Trucks initial UK-based customers, and within easy reach of all of east and west London’s significant logistics centres. The facility covers 30,000 sq feet, operating eight workshop bays. It will also accommodate a showroom, admin offices, a Volta Trucks Academy training centre and Call Centre that will provide the interface between customers and the company’s team of technical and commercial experts.

With sustainability at the heart of the Volta Trucks brand, the new Volta Trucks Hub in London is at the cutting edge of building design. LaSalle has managed the refurbishment of the facility to create a net zero carbon property in operation, with a photovoltaic panel system on its roof, converting sunlight into energy for the site, and a passive solar wall, optimising the heating and ventilation of the building. It is also designed with a charging infrastructure to support 50kW fast charging of Volta Zero vehicles while they are being maintained. Overall, the facility has an A+ EPC rating and has been designed to achieve the BREAAM ‘Excellent’ rating.

The Volta Trucks Hub in London is part of a wider representation strategy that will see a vehicle service offering across all launch locations of Paris, London, Madrid, Milan, the Rhine-Ruhr region of Germany, and the Randstad region of the Netherlands. The network of Hubs will be a critical enabler of the company’s innovative Truck as a Service offer, that sets out to revolutionise the finance and servicing of commercial vehicle fleets.

Truck as a Service will accelerate the adoption of electric commercial vehicles by delivering a frictionless and hassle-free way to electrify fleets, while de-risking the migration for Fleet Operators. Truck as a Service supports every step of the electrification migration by offering a single, affordable, monthly fee that funds the use of a full-electric Volta Zero vehicle, and all of its servicing, maintenance, insurance and training requirements, maximising the uptime and operational efficiency of the vehicle.

Confirming the Volta Trucks Hub in London, Casper Norden, Chief Fleet Solutions Officer of Volta Trucks, said: “London and Paris are Volta Trucks’ initial launch markets, and the availability of service and maintenance facilities is key for customer’s trust and confidence in our ability to deliver on our promises, and maintain the uptime of their vehicles. The search for the right location with the right environmental credentials has been extensive, but our new Volta Trucks Hub in Tottenham gives us, and our customers, everything needed to introduce our innovative truck into the important UK market and be fully operational from day one.”

Edd Fitch, Director of Asset Management, LaSalle Investment Management, added: “We are thrilled to partner with Volta Trucks to launch its first Volta Trucks Hub in the UK. This Hub will bring Volta Trucks’ innovative, full-electric commercial vehicles to the UK’s logistics sector, supporting our collective ambition for cleaner and more sustainable city centre environments.

“LaSalle has managed an extensive refurbishment of the facility at White Hart Lane to create a market-leading Net Zero Carbon logistics property in operation, and we continue to invest in our property portfolio across Europe to meet the ever-evolving demands of future tenants around sustainability, wellbeing, quality, amenities and infrastructure. We look forward to seeing the first Volta Zero vehicles on London’s streets early next year.”

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) announced its fifth Canadian value-add real estate fund in Canada, LaSalle BVK Canada Advantage (“BVK Advantage” or “the fund”), expanded its portfolio through the acquisitions of a mid-bay industrial portfolio and multifamily property. Both the industrial portfolio and the multifamily property are located in Toronto.

The multifamily property and industrial portfolio acquisitions are the first capital deployments for BVK Advantage, respectively, after the fund closed in December of 2021 with a total capital raise of C$306 million. Both acquisitions speak to the compelling fundamentals of the Toronto market and the market’s attractive value-add opportunities.

John McKinlay, CEO of LaSalle Canada, said: “We view Toronto as a premier real estate market not just in North America, but globally. Its continued demographic tailwinds, economic strength and land-constrained nature offer opportunities across the risk spectrum that domestic and foreign capital can capitalize on. Even amid an increasing rate environment, there remains an opportunity to find yield in a well-executed value-add acquisition as long as your team has the vision and knowledge to execute at a high level, which I believe our team possesses.”

Added Chris Lawrence, Sr. Managing Director and Head, Value-Add Strategies at LaSalle Canada: “These acquisitions provide a strong foundation for BVK Advantage’s portfolio and highlight our conviction in the multifamily and industrial sectors. We’ve found success in previous funds by identifying well-located properties that can respond to our active management approach, and believe we have done so again here. I’m proud of our team for their creative approach to sourcing and executing both transactions.”

The Toronto Airport Mid-Bay Industrial Portfolio consists of eight properties totaling nearly 400,000 square feet, and is located in Mississauga and Brampton, prime Greater Toronto Area (“GTA”) industrial submarkets. The portfolio is fully leased, with a short weighted average lease term of just over 2 and a half years, and significant upside due to below market in-place rents. The GTA is one of North America’s largest industrial markets at 800 million square feet, and has seen rents grow at a three-year compound annual growth rate of 20% amid a surge in industrial demand driven by e-commerce.

Mike Cornelissen, LaSalle Managing Director of Acquisitions, added: “e-Commerce demand and the potential runway for further expansion in Canada has put a premium on industrial properties. We feel that the land constraints of Toronto, specifically the surrounding Greenbelt, combined with the larger product coming online, positions infill mid-bay product to be a destination for tenants looking for prime distribution facilities. All of this comes at a fraction of replacement cost.”

The multifamily property, 75 Eastdale, includes a 15-story, 253-unit high rise apartment building along with 16 two-story townhomes in the desirable Danforth Village in Toronto’s East End. The property’s unit mix includes studios and 1-4 bedroom apartments and townhouses, and is 96 percent leased. The Toronto market benefits from exceptional population growth, and is projected to be the fastest growing market in Canada totaling 10 million people by 2046, according to LaSalle Research & Strategy. Toronto has averaged under 1.5% apartment vacancy for the last 10 years as demand has outpaced supply. In 75 Eastdale’s immediate area, there is limited apartment supply, and excellent proximity to public transit and employment, which should continue to drive strong leasing trends.

Stephen Robertson, Head of Acquisitions for LaSalle Canada, said: “75 Eastdale is an excellent way for BVK Advantage to enter the market as it is well-located with a strong history of tenant demand. We feel there is excellent upside to this property through select unit and common area renovations that will continue to make this an attractive rental option for those looking for a vibrant neighborhood with easy access to surrounding employment and downtown Toronto.”

About LaSalle in Canada

On an aggregate basis, LaSalle has executed more than C$7 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

London ranks as Europe’s leading city for projected real-estate occupier demand for the sixth year running in the latest annual edition of the European Cities Growth Index (“ECGI”), published by LaSalle Investment Management (“LaSalle”), the global real estate investment manager. Following closely behind, Paris retains its position as one the “Big Two” European cities owing to its position as one of Europe’s key innovation and technology hubs.

While London retains its top position, its ECGI score worsened compared to last year, due to pressures on GDP growth. In 2022, the ECGI score worsened for 57 cities across Europe, the highest number since the Great Financial Crisis.

Polarization between London and UK regional cities also continued to widen in this year’s index.

Conversely, German cities proved to be less volatile in economic crisis and complementary of each other, with four German cities making it into the index’s top 20.

More broadly, since the ECGI’s inception in 2000, only London, Paris and Munich have consistently ranked in the top 10. Moreover, Amsterdam’s inclusion in the list this year comes due to the city’s human capital and employment growth prospects which remain exceptionally strong.

Petra Blazkova, Head of Research & Strategy, Core & Core-Plus Capital, Europe at LaSalle said: “This year’s findings come amidst significant turbulent macroeconomic headwinds for European markets. Despite their rankings and strong fundamentals, several top European cities will continue to face challenges in the coming months.

“That is why this year’s findings and the metrics tracked in the ECGI provide a valuable tool in assessing occupier demand and prospects for real-estate markets as investors look to the property sector for stability amidst a worsening global financial landscape.”  

Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, added: “Amidst a challenging market backdrop, real estate remains a critical asset class for investors. Our research shows that whilst many cities across Europe were recovering from the pandemic last year, markets now face twin economic and geopolitical challenges, making it imperative for investors to build a diversified portfolio of assets underpinned by long-term resilience.”

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) is pleased to confirm it has been selected for a global real estate investment mandate by the Government Pension Investment Fund (GPIF), Japan. With Mizuho Trust & Banking Co., Ltd. acting as gatekeeper, the mandate will pursue co-investments, joint ventures and club deals.

Mark Gabbay, Global CEO of LaSalle, said: “It is an honor to be selected by GPIF for this investment mandate. Our global scale, wide ranging real estate investment capabilities and long track record will help shape our strategy and we look forward to delivering strong performance on behalf of GPIF for years to come.”

Jon Zehner, Head of LaSalle Global Partner Solutions at LaSalle, added: “We are pleased to have earned the trust of GPIF to manage real estate investments on their behalf. Our team is focused on sourcing and delivering compelling opportunities, and we look forward to strengthening our relationship of trust as we build a global portfolio.” 

About GPIF

Government Pension Investment Fund (GPIF) is an incorporated administrative agency, established by the Japanese government. Total assets as of the end of June in 2022 count for JPY193,012.6 billion. For more information, visit: https://www.gpif.go.jp/en/about/.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

The summer has also been a reminder to consider both the physical and transition risks associated with climate change. Reducing carbon emissions, which is key to preventing further long-term escalation in events such as these, has come under renewed urgency given recent geopolitical tensions.

LaSalle Investment Management (“LaSalle”) and Trilogy Real Estate has announced the acquisition of the former London Metropolitan University buildings, 41-71 Commercial Road and the Met Works Building, in the Aldgate district of the London Borough of Tower Hamlets.

The estate includes 133,163 sq ft (NIA) of innovation and education space set inside two buildings on a one-acre site. The campus had previously been in use as workshops and teaching space for London Metropolitan University. LaSalle and Trilogy acquired the site from the Department for Education in a sale facilitated by the government-owned property company LocatED.

The building was acquired subject to over 40% of the space pre-leased to two providers of further and higher education: Nottingham Trent University’s Confetti Institute of Creative Technologies, and Access Creative College.

LaSalle and Trilogy were advised in the acquisition by strategic real estate consultancy Kauffmans, which also acted to structure the pre-leasing agreement for both occupiers. The refurbishment programme will create a pathway toward a major creative education centre in a growing area of Central London and has been de-risked through a contract with design build company Oktra.

The Commercial Road campus will be substantially refurbished and expanded to circa 150,000 sq ft, leaving 80,000 sq ft of education and creative learning accommodation available for interested occupants.

Chris Lewis, Managing Director, LaSalle Value-Add Investments, said:

“This investment is a great example of LaSalle’s growing Value-Add Investments strategy focusing on creating urban higher education and science accommodation in major gateway markets. Working with Trilogy to secure pre-lets on over 40% of the space provides strong downside protection in this economic environment, and we are looking forward to working closely with Trilogy to replicate the success of our prior investment in East India Dock.”

Robert Wolstenholme, Founder and CEO of Trilogy Real Estate, said:

“Trilogy is delighted to be extending our partnership with LaSalle to bring a second major education campus to Tower Hamlets. We previously developed Republic, a 600,000 sq ft campus where education meets business, which demonstrated that London’s youngest and fastest growing borough is a great place to be training the talent of the future. 

“Aldgate is a place where the next generation of innovators and pioneers live, work, and are educated, in close proximity to the financial centres of the City of London and Canary Wharf, and surrounded by significant innovation ecosystems, particularly in the creative, technology and biomedical sectors. Our project will bring the campus back into use as a centre for higher education, upgrading it to create world-class space fit for the 21st century economy.”

Craig Chettle MBE, Chief Executive, Confetti Institute of Creative Technologies, said:

“We’re excited to be working with LaSalle and Trilogy on creating a campus that will support our ambitious vision to shape the future creative and entertainment industries. Working closely with our partner, Nottingham Trent University, we look forward to working with businesses and the wider community in East London in preparing for our new students in 2023.”

Jason Beaumont, CEO of Access Creative College, said:

“Access Creative College has been educating young creatives in London for over 20-years and it’s an absolute pleasure to be able to announce our vision for the future.”

“We are thrilled by the opportunity to design and build world-class facilities, alongside a pioneering curriculum in the heart of East London, where our collaboration with employers and higher education will be at the centre of a coherent and connected journey for all our students.” 

“We look forward to working with all parties involved, to truly create an unrivalled experience and generate future opportunities for the young people of London.”

The campus sits within London’s strategically significant “Tech Belt” and is surrounded by a substantial cluster of student accommodation, biomedical, and life sciences buildings that extends into the area south of the Royal London Hospital in Whitechapel. The area is renowned for the quality of its amenity offer and the campus benefits from proximity to the leisure opportunities offered by Whitechapel, Spitalfields and the wider East End. The campus is an eight-minute walk from Elizabeth Line services at Whitechapel and a five-minute walk from the London Underground station at Aldgate East.

Previously, Trilogy and LaSalle developed Republic, a unique mixed-use innovation campus where education meets business in East India Dock, providing courses for more than 3,350 students from four major UK universities. Republic provides a high-quality learning environment and leisure offer alongside office space, with initiatives to bring education and business closer together.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) announced that its flagship core institutional real estate fund, LaSalle Property Fund (“LPF” or “the fund”), bolstered its life sciences portfolio with a majority interest acquisition in 3215 Merryfield Row, a Class A+ life sciences building located in the heart of the high-barrier-to-entry market of Torrey Pines in San Diego, California. LPF acquired its stake in 3215 Merryfield Row through a joint venture with a publicly traded REIT.

The investment aligns with the fund’s strategy of investing in best-in-class life sciences properties in high-conviction markets as part of its national, diversified portfolio. With the addition of a stake in 3215 Merryfield Row, life sciences and medical office properties now comprise 13 percent of LPF’s portfolio.  LPF’s life science investment includes Illumina’s world headquarters, located in the UTC submarket of San Diego, in which it acquired a partial interest in 2019.

Jim Garvey, President of LaSalle Property Fund, said: “We have high conviction in the life sciences sector given the strong tenant demand, which is a function of the continuing advancement in pharmaceuticals, medical devices and therapeutics. 3215 Merryfield Row is an exceptional property, both in its location,  and best-in-class construction, and comes with the added bonus of a leading partner who we know and trust. We’re very pleased to add 3215 Merryfield Row to LPF’s portfolio.”

Erick Paulson, LaSalle Acquisitions Officer, added: “This is a special property with a premier location, a strong credit tenant, and an outstanding operating partner for LPF. Life sciences properties continue to be in high demand due to their challenging and often expensive construction and should provide excellent cash flow and appreciation for well capitalized buyers looking to achieve long-term gains.”

Constructed in 2018 with state-of-the-art life science specs, the property is fully leased to Vertex, a global biotech company focused on small molecule therapeutics and cystic fibrosis, and serves as one of the company’s three global research hubs. Largely considered one of the most architecturally significant life science properties on the West Coast, 3215 Merryfield Row is LEED Gold Certified and includes glass interior walls, a 1,500-square-foot Learning Lab for STEM education programs, an interactive art display in the lobby, and an air circulation system that is designed to bring in 100 percent outside air.

The property also benefits from its coveted location in the sought-after Torrey Pines submarket, which has a life sciences vacancy rate of just 0.3 percent. More broadly, LaSalle Research & Strategy pegs San Diego as the nation’s third-best life sciences market. San Diego is home to more than 1,300 life science companies and is comprised of 19.8 million square feet of life science space supported by strong fundamentals, including a record low direct vacancy rate of 2.3 percent and an average triple-net asking rate that has risen 166 percent since 2015.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) today announced that Tom Rose, LaSalle’s current Head of UK Relative Returns, will succeed Julian Agnew as Head of Custom Accounts, Europe, effective from 1 December 2022.

After a long and successful career at LaSalle, Julian has confirmed he will be leaving the business at the end of December 2022.

Tom has been a key member of Julian’s team for more than 20 years, with responsibility for client portfolios with relative return investment strategies within the UK. In his new role, Tom will report into Philip La Pierre, Head of Europe at LaSalle, and will continue to shape and position client portfolios, ensuring competitive investment performance in the context of individual client risk-return requirements. Tom will also become a member of LaSalle’s European Management Board, where he will lead Custom Accounts’ contribution to LaSalle’s growing and integrated investor product mix across Europe.

Tom Rose, incoming Head of Custom Accounts, Europe at LaSalle Investment Management, commented: “It is an honour to be appointed Julian’s successor and lead our Custom Accounts business in Europe. We are committed and driven to deliver the best possible performance for our clients’ long-term success. I look forward to working with our Custom Accounts clients in this new role, supported by our integrated pan-European operating platform and market-leading research, to achieve the investment objectives of their real estate investment programmes.”

Julian Agnew, outgoing Head of Custom Accounts, Europe at LaSalle Investment Management, said: “I have had a long career across LaSalle Investment Management, and I am very fortunate to have worked with some incredible people both internally and externally. LaSalle is well-positioned to continue to deliver exceptional value for clients, and Tom is the right leader to drive the next phase of growth for the Custom Accounts business.

“I look forward to the next challenge in an industry that I still find as rewarding and exciting as when I first started.”

Philip La Pierre, Head of Europe at LaSalle Investment Management, added: “We thank Julian for his distinguished service and leadership. Julian has played a seminal role in the success of the business, and we look forward to celebrating his contribution and many achievements at LaSalle before he leaves at the end of this year. We wish him every success in the next challenge that he takes up in the industry.

“Tom’s unique skillset and professional experience positions him well to take on this role, having been a member of Julian’s team for over 20 years. I look forward to working with Tom as a member of our European Management Board to build upon Custom Accounts’ contribution to our pan-regional, best-in-class client offering.”

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

A new report from the Urban Land Institute (ULI) and LaSalle Investment Management (LaSalle), a leading real estate investment management firm, outlines steps that real estate practitioners can take to better manage climate risk in their portfolios and suggests ways in which climate risk providers can better serve the real estate industry.

Based on the insights of real estate managers and climate data providers across the globe, How to Choose, Use, and Better Understand Climate-Risk Analytics comes as real estate investors are recognizing the need to incorporate the physical risks associated with climate change – including wildfires, hurricanes, and excessive heat – into their business models. Accordingly, having reliable data and analytics tools to assist in this process is becoming an increasingly important consideration. 

“Over the past few years, climate analytics tools have transformed how investors can assess, price, and mitigate climate risk,” said Billy Grayson, Executive Vice President for Centers and Initiatives at ULI. “As with all new tools, it will take some time for real estate developers and investors to identify the best ways to apply these tools to real estate decision-making. Learning from the successes and challenges of early adopters will help the real estate community as a whole, and we hope this report can serve as a roadmap for those looking to better leverage these tools to manage climate risk in their assets and portfolios.”

“Dealing with climate risk is a collective effort – we all benefit from consistency and transparency,” said LaSalle’s Americas Head of Sustainability Elena Alschuler. “Alignment on key terms and methodologies is critical to the industry’s effort to assess and address climate risk, which should ultimately benefit investors through improved returns.”

How to Choose, Use, and Better Understand Climate-Risk Analytics provides a climate assessment roadmap for practitioners seeking to optimize their risk-mitigation practices. The roadmap will help the real estate industry:

• Assess key areas of variation among climate risk providers in terms of the strength of their approach and ability to meet strategic objectives, such as business needs and regulatory compliance.
   
• Interpret physical climate risk results including value-at-risk, or the potential financial impact of a property experiencing climate-related damage.
   
• Integrate risk-assessment strategy with acquisition, development, financial reporting, and asset and portfolio management teams.

Additionally, the report provides four key takeaways on the state of climate risk assessment in real estate:

• Current risk metrics are inconsistent. Often, different climate risk analytics produce widely disparate risk scores for the same property, sometimes by orders of magnitude.
   
• Bridging the science-business gap. Translating the complexity of climate science into applied real estate industry practices is still in its early stages, with firms trying different approaches to integrating climate risk across investment, asset management, and disposition strategies.
   
• Rapid acceleration of market value impacts. While the impact of climate risk on current asset prices is not yet apparent in the market, institutional real estate managers are starting to incorporate it, therefore many believe the impacts will become increasingly visible.
   
• Transparency is key. Improved understanding and increased public discourse on physical risk in pricing will push the industry closer to uniform practice and standards.

“Investors today face numerous challenges factoring climate risk into their portfolios,” said Lindsay Brugger, Vice President of Resilience at ULI. “The industry lacks clear guidance around how climate risk data providers should be selected and how to integrate that information into business strategy. This report provides a series of guidelines so real estate practitioners can simultaneously mitigate the effects of climate change while remaining competitive in a rapidly evolving marketplace.”

“We strongly believe that the impacts of climate risk are material to our investment performance, and need to be proactively taken into consideration to ensure our investments are prepared for future risks, legislation and client demand,” said Brian Klinksiek, LaSalle Head of European Research & Global Portfolio Strategies. “While there is still uncertainty in the market around data transparency, which tools to use and what policy impacts might be, one thing remains clear: now is the time to be having these conversations and taking action.”

The full How to Choose, Use, and Better Understand Climate-Risk Analytics report is available on ULI’s Knowledge Finder platform.

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has raised over US$2.2 billion of equity for LaSalle Asia Opportunity VI (“LAO VI” or “the Fund”), including sidecars and co-investment programmes, exceeding its initial target of US$1.5 billion. The committed capital has been secured from global institutional investors and will provide buying power for over US$7 billion worth of assets.

LAO VI is the sixth in LaSalle’s closed-ended, opportunistic fund series focusing on Asia Pacific. In keeping with its predecessor funds, LAO VI seeks to take advantage of mispriced assets with opportunities to add value through repositioning and redevelopment in Asia Pacific’s key markets including Australia, China, Hong Kong, Japan, Korea and Singapore, having invested approximately 25% of committed capital so far in a diversified portfolio. To date, the LaSalle Asia Opportunity Fund series has invested in over US$13 billion worth of assets. In the last 10 years, the average asset returns generated by the series have exceeded its target of 18% net IRR.

The fund’s investment strategy is led by Kunihiko (Nick) Okumura and Claire Tang in their expanded roles as Co-Chief Investment Officers of LaSalle Asia Pacific, which they assumed in 2021 after former Asia Pacific CEO and CIO Mark Gabbay became LaSalle’s Global CEO. With over 40 years of real estate experience between them, Nick and Claire continue to provide steady leadership and build momentum for the growth of LaSalle’s business in the region.

Globally, LaSalle has established itself as a significant player in value-add investment strategies and continues to expand its capabilities in this area. “We are focused on bolstering our platform in this strategy across all regions where we operate, to meet the continued investor demand for enhanced alpha throughout market cycles,” commented Mark Gabbay, Global Chief Executive Officer.

Keith Fujii, Head of Asia Pacific, commented: “The LaSalle Asia Opportunity Fund series offers investors access to a region with healthy market fundamentals and risk-return diversification opportunities afforded by varying market cycles, backed by the expertise and experience of LaSalle’s long-standing Asia Pacific platform which has been operating since 2000.”

Marc Montanus, Fund Manager for the LaSalle Asia Opportunity Fund Series, added: “We are pleased to have raised over US$2.2 billion for LAO VI and to have again exceeded our initial target for the Fund, especially against the economic headwinds brought by the pandemic over the past two years. This is testament to our investors’ confidence in LaSalle’s excellent track record in deploying capital and generating strong investment performance for 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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

Does the inception year for a fund matter in the same way a vintage year matters for wine? Our analysis of data from Preqin highlights that both the vintage year and risk style of a fund have been important determinants of performance over the last 30 year.

LaSalle Investment Management (“LaSalle”) has announced a series of additions and enhancements to its European Research & Strategy leadership team, reflecting a deepened focus on its key investor products and an emphasis on driving competitive investment performance.

Dan Mahoney succeeds LaSalle’s newly appointed Global Head of Research & Strategy, Brian Klinksiek, as Head of European Research & Strategy, effective 1 January 2023. He brings over 14 years’ experience as a strategist in the firm’s North America Research & Strategy team, where he helped drive investment performance through a range of successful initiatives, including a focus on LaSalle’s US residential strategies. During that time, he acted as the Research & Strategy team’s chief liaison for several clients and funds. In his new role, Dan will relocate to London and focus on further embedding and enhancing the use of proprietary, risk-adjusted frameworks and analytics to drive investment conviction across debt and equity strategies in Europe. He will report to both Brian Klinksiek and Philip La Pierre, Head of Europe.  

As part of this restructuring, Petra Blazkova has been appointed to the newly created role of Head of Research & Strategy, Core & Core-Plus Capital, Europe. Previously Managing Director within LaSalle’s European Research & Strategy team, Petra was responsible for overseeing Continental European market analysis from the London office. In her new capacity, she will relocate to Munich and work closely with David Ironside, fund manager of Encore+, and Uwe Rempis, fund manager of LaSalle E-REGI, as well as the firm’s separate accounts, supporting the funds’ ongoing strategies and development.

Completing these changes, Dominic Silman has been appointed as Head of Research & Strategy, Debt & Value-Add Capital, Europe. Previously Senior Strategist within LaSalle’s European Research & Strategy team, Dominic will continue to be based in the London office and will work directly with Michael Zerda, Head of Debt & Value-Add Strategies, on the firm’s European debt strategies and recently reconstituted value-add platform. In their new roles, Petra and Dominic will report into Dan Mahoney.

Brian Klinksiek, incoming Global Head of Research & Strategy at LaSalle Investment Management, said: “The breadth and depth of our European Research & Strategy team enables LaSalle to drive forward its best-in-class client offering across Europe. These appointments will help maintain that momentum, underpinning our growing and integrated product mix, and ensuring the ongoing success of LaSalle’s commingled funds and separate accounts. I look forward to continuing to work with Dan, Petra and Dom as the European Research & Strategy team goes from strength to strength”.

Philip La Pierre, Head of Europe at LaSalle Investment Management, added: “Dan, Petra and Dom’s collective experience will be key to our in-house market-leading intelligence and the delivery of competitive investment performance across the full spectrum of our products. They will play a vital role in informing investment decisions and portfolio construction, particularly as we continue to diversify our asset allocation, grow our value-add strategies and build upon our well-established debt series.”

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

Heightened geopolitical risk, persistent high inflation, and a possible recession will place European real estate under acute pressure in H2 2022. However, the asset class is expected to continue to provide longer-term stability for core investors via carefully curated portfolios, as well as offering new opportunity for investors seeking value-add returns – according to the mid-year 2022 edition of the Investment Strategy Annual (“ISA”), the report published by global real estate investment manager LaSalle Investment Management (“LaSalle”).

Europe is facing a macroeconomic environment rendered fragile by supply chain issues, a hot war on the region’s periphery and a squeeze on consumers’ disposable incomes. As a result, LaSalle expects real estate investors to adopt a much more cautious approach in the second half of 2022. However, while inflationary pressures have surged, and interest rates have increased earlier and more quickly than expected, real estate assets can act as a hedge against inflation in cases where landlords have pricing power. Fundamentally, this will manifest for investors with the best assets in the right locations, where supply-demand imbalances underpin rental growth.

Furthermore, in an uncertain environment, investors seeking higher returns can expect to benefit from dislocation and opportunities to repurpose assets. Off-market or value-add opportunities could potentially offset the effect of rising operating expenses, construction costs and interest rates, either through building-specific renovation or repositioning to achieve occupancy improvement or rental uplift. 

Long-term resilience will be underpinned by careful stock selection. Although European real estate markets have been impacted by global headwinds, pockets of opportunity persist for investors across each sector.  

Retail rebound postponed

In retail, the post-Covid recovery has been shaken by the impact of inflation on consumer discretionary spending power. Bricks-and-mortar retail warehouses have, however, remained resilient due to the non-discretionary nature of underlying demand for grocery anchors and their convenience offer. But fundamental challenges for European shopping centres and high-street retail is expected to persist, despite destination shopping continuing to remain an integral part of the retail experience in the long term. We remain optimistic on the outlook for outlet centres, which are set to benefit from increasing consumer frugality.

Office sector ‘trifurcation’

As with retail, the office sector is experiencing occupier and investor needs varying greatly by the quality of asset and micro location. Experientially rich buildings in prime locations that meet sustainability standards and benefit from high-quality amenities will continue to attract demand. In addition, with the pathway to Net Zero Carbon in mind, the age and quality of existing stock in European markets presents an opportunity to create the offices of the future, particularly through refurbishment. However, there is a growing range of older stock which is likely to be stranded and should be sold at – or at times even below – current valuation before liquidity dries up.

Logistics demand story remains intact

Logistics has not been immune to recent market shocks and the ongoing cost-of-living crisis. A slowdown in take-up by major occupiers marks a change from many years of continued expansion. However, LaSalle believes that the sector remains in a robust position to grow in the coming months. European logistics properties recorded the highest demand for new space ever in H1 2022, driven by continuous e-commerce expansion, as well as just-in-case inventories and the nearshoring of some manufacturing activity. As a result, vacancy rates are at historical lows, and we remain confident of future prospects for European logistics rental growth.

Living strategies’ prospects at risk of divergence

The living sectors remain underpinneD by strong demand drivers including robust household formation, growth in key cities, an ageing population, increasing mobility and a structural undersupply across Europe. However, potential home buyers may tilt toward renting, owing to the rising cost of debt. For the more niche living sub-sectors, such as student housing and senior housing, investors will need to be ahead of the curve to take advantage of attractive pricing.

Finding value across the yield spectrum

With the European landscape evolving quickly, assessing the prospect for various sectors requires consideration of assets’ pricing yield levels and income growth potential.

LaSalle’s framework finds that for low-yield sectors with excellent fundamentals, like logistics, prime low-carbon offices in key cities and unregulated residential, valuations will hinge on the potential for and relative magnitude of future rental growth and an upward shift in yields. In low-yielding sectors where inflation cannot be offset by rental growth, caution must be exercised until markets stabilise.

Although higher-yielding sectors with challenged fundamentals are intuitively those in which value may be identifiable, recent concerns around economic growth have made their impact felt. The nascent retail recovery, for instance, is at risk from inflationary pressure on real incomes, while capex-intensive strategies to renovate buildings are affected by rising construction costs. Meanwhile, sectors with relatively higher yields and stronger net operating income growth potential – namely alternative living sectors, such as student accommodation or senior living – continue to remain attractive.

Brian Klinksiek, Head of European Research and Global Portfolio Strategies at LaSalle, said: “The past six months have seen macroeconomic headwinds and geopolitical risk affect the global economic outlook. European investors should therefore exercise caution in the coming months until market valuations and asset pricing stabilise. But despite this, real estate will remain an anchor as other asset classes struggle, and investors look for predictability. Underpinned by the long-term resilience of the asset class, careful portfolio construction across the key sectors of European real estate can continue to deliver the benefits of diversification, stability and long-term income growth for investors.”

Jacques Gordon, Global Head of Research and Strategy at LaSalle, added: “Real estate generally provided shelter during the waves of volatility that swept through the securities markets in the first half of the year. In the second half, we foresee different dynamics unfolding. The big change has been the sharp rise in inflation in Western countries and a “regime shift” from highly accommodative to tightening monetary policies by several central banks. Many world events simultaneously contributed to this inflection point including: the re-opening of economies after COVID-19, Russia’s invasion of Ukraine, trade wars, and government stimulus spending. Although these pressures were building in 2021, there is no escaping the fact that the financial and commodity markets shifted sharply in the first half of 2022. Our guidance for investors to seek inflation protection in real estate is a focus-theme of our mid-year update.”

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

Recently published books that we’re reading – and recommending – this summer delve into energy geopolitics, climate change impacts, and the history of real estate and investments.

Market direction and economic outlooks have shifted since the start of 2022, with elevated inflation, slowing economic growth, and higher interest rates impacting the real estate market. According to LaSalle’s 2022 Mid-Year Investment Strategy Annual (“ISA”), the overall market shifts are causing real estate investors to re-visit earlier strategies as they understand and react to higher inflation, the Fed’s and the Bank of Canada’s rapid interest rate increases to combat it, and global geopolitical and economic upheaval.  

LaSalle clients can view the full report at: www.lasalle.com/research-and-insights/isa-2020

In North America, the impacts of inflation and rising rates on real estate are nuanced, and require an understanding of each sector’s fundamentals, which the report explores. Coming into 2022, LaSalle Research & Strategy noted that the pandemic and its ensuing economic ripple effects had accelerated pre-pandemic trends, widening the gap between favored and non-favored property types. The mid-year report shows these trends are continuing as investors gravitate to favored property types with strong underlying fundamentals. Looking ahead, there is uncertainty in the market, but it appears as though the favored property types are well-positioned to withstand a potential economic slowdown.

Jacques Gordon, Global Head of Research and Strategy at LaSalle, said: “Real estate generally provided shelter during the waves of volatility that swept through the securities markets in the first half of the year.  In the second half, we foresee different dynamics unfolding. The big change has been the sharp rise in inflation in Western countries and a “regime shift” from highly accommodative to tightening monetary policies by several central banks. Many world events simultaneously contributed to this inflection point including:  the re-opening of economies after COVID-19, Russia’s invasion of Ukraine, trade wars, and government stimulus spending.  Although these pressures were building in 2021, there is no escaping the fact that the financial and commodity markets shifted sharply in the first half of 2022.  Our guidance for investors to seek inflation protection in real estate is a focus-theme of our mid-year update.”
 

Select 2022 Mid-Year ISA findings for North America include:

• In line with the full-year ISA’s prediction, favored property types including industrial, multifamily, medical office and single family rentals continue to have strong fundamentals and outperform on a relative basis. Industrial development and transactions continue as there remains a supply gap and businesses who lease these spaces continue to show they can continue to pay rents, even as they increase. The residential property types also have a strong outlook. As interest rates rise and inflation impacts housing starts, many would-be homebuyers may look to rent.
   
• The debt markets remain liquid, providing the capital needed to finance transactions. While the Mid-Year ISA expects a slowdown in transactions, debt funds, life insurance companies and banks continue to lend to strong, established sponsors. Meanwhile, CMBS issuance has slowed, and higher interest rates mean highly leveraged borrowers are less competitive bidders for property. For borrowers, leverage is less accretive than last year, but many are still using leverage with the belief that future income growth will make leverage accretive to returns over their hold period.
   
• The report also looks at capital flows as barometer of market health, and notes that NAV REITs continue to raise capital, as retail investors start to establish a portfolio allocation to real estate and diversify amid a volatile market environment. While many closed-end funds still have dry powder from previous capital raises, new institutional capital raises appear to have slowed slightly as established investors have reached their target allocations after playing catchup over the last several years.
   
• Transaction volume in the first quarter of the year was higher than the first quarter of the prior year. US transaction volume last quarter was $157.6 billion, 76 percent higher than a year ago. In Canada, USD $10.7 billion traded in last quarter, representing a 71 percent year-over-year increase. The report estimates that pricing has adjusted downward from a peak in the first quarter of 2022 by a range of 0-15 percent depending on market segment, giving back a portion of the gains from the last 12 months. Though second quarter data is not yet available, anecdotally it seems transactions have slowed amidst shifting pricing and broader uncertainty. However, a bid-ask gap has not developed as buyers and sellers have been willing to accept similar price declines.
   

Rich Kleinman, Americas Co-CIO and Head of US Research & Strategy at LaSalle, said, “While it remains to be seen how inflation and interest rates will evolve in the second half of the year, it is our view that many property types are well-positioned to support investor goals in the months ahead, and that real estate exposure should play a productive role in investors’ portfolios. Experience in recent downturns is also helping investors and lenders navigate the uncertainty, which should bode well for the industry as a whole.”

Chris Langstaff, Head of Research and Strategy for Canada at LaSalle, said, “Canada is historically a stable market, and it appears that while many of the same headwinds apply, fundamentals remain strong and transactions in many property types are moving 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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Asia Venture Trust II, a separate account managed by LaSalle Investment Management (“LaSalle”), has exchanged on a Grade A office building in Macquarie Park, Sydney.

This transaction, subject to approval by the Foreign Investment Review Board, follows the acquisition of a mixed-use asset in the same precinct by LaSalle Asia Venture Trust I (“LAVT I”) in 2019 and furthers LaSalle’s investment in Macquarie Park, the second largest CBD and the largest technology and life science office precinct in Sydney.

With an advantageous combination of amenities including one of the largest shopping centres in the southern hemisphere, a major university and a hospital, continued improvements in transport infrastructure, as well as attractiveness to many large and international corporations, Macquarie Park is endowed with strong fundamentals for growth.

The property is located on Talavera Road, approximately 12 kilometres northwest of the Sydney CBD. It is situated approximately 400 metres from the Macquarie Park Metro Station, which currently links Macquarie Park to Sydney’s heavy rail network. In 2024, it is expected to connect directly with the Sydney CBD in an infrastructure development that will deliver new metro stations across Sydney’s northwest and southwest. Once operational, the new line will see a train every 4 min and travel time between Macquarie Park and the Sydney CBD will be substantially reduced.

Completed in 1990, the property is an eight-storey building with a total Net Lettable Area of 12,646sqm, along with 499 (1:25sqm) car parking bays. This car park ratio is the one of the highest in Macquarie Park and cannot be replicated under the current planning scheme.

Adam Donahue, Head of Separate Accounts Asia Pacific and Fund Manager of LAVT II, commented: “This transaction supports our strategy of value creation by focusing on precincts with corporate density, connectivity and excellent amenities. Macquarie Park embodies all of these characteristics.”

Joshua Mudge, Head of Acquisitions Australia, added: “This transaction builds upon our strong track record in Macquarie Park. The robust demand for office space in the precinct, coupled with its established amenities and connectivity are projected to drive strong long-term rental growth.”

The transaction was brokered by Colliers in conjunction with Knight Frank.

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) today announced that after 28 years of distinguished service and leadership of the Research & Strategy group at the firm, Jacques Gordon has confirmed he will retire from the business at the end of 2022 in to order pursue interests in higher education. He will remain as the Global Head of Research & Strategy through the remainder of this year, and will be succeeded by Brian Klinksiek, LaSalle’s current Head of European Research & Global Portfolio Strategies, effective 1 January 2023.

Brian will continue to be based in London and will join LaSalle’s Global Management committee, reporting to CEO Mark Gabbay. Succession for Brian’s Head of European Research & Strategy role is in process and will be announced prior to his transition to global leadership in 2023.

LaSalle Global CEO Mark Gabbay said, “This transition reflects LaSalle’s continued focus on thoughtful leadership succession, offering both continuity along with fresh ideas to be infused across the organization. We are grateful for the numerous contributions Jacques has provided LaSalle and the broader industry over the course of his career, and look forward to recognizing these accomplishments in the months ahead. Brian’s professional experience positions him well to take on this role, having lived, worked, and covered the real estate markets in North America, Europe and Asia-Pacific.”

After joining LaSalle in 2020, Brian led the reorganization of LaSalle’s European Research & Strategy team from a geography-focused model to a more dynamic pan-European sector-focused model. He has deepened the Research & Strategy team’s integration within the firm’s newly formed European Debt & Value-add platform, and also led the creation of LaSalle’s global investment risk management function. Brian has been a leading industry advocate for the incorporation of climate risk analysis into investment-making decisions, and is a champion for DEI in the workplace, having been appointed Chair of LaSalle’s European DEI committee in 2021.

Brian Klinksiek, incoming Global Head of Research & Strategy said, “It is an honor to be named the next leader of LaSalle’s world-class Research & Strategy team. Jacques has done a remarkable job establishing LaSalle’s reputation for timely insights, accurate forecasts, and impactful strategy that is fully integrated with the investment process. He has been a role model for me throughout my career – even before I joined the firm. I am thankful for his guidance and partnership, and look forward to continuing to seek his counsel as he moves into academia.”

Jacques Gordon, retiring Global Head of Research & Strategy said, “I am grateful for the experiences, insights and friendships I’ve gained during my time at LaSalle. Our Global Research & Strategy team is well-positioned to continue to deliver great value to our clients and investment colleagues around the world, and Brian is the right leader to drive the next phase of innovation and growth. I look forward to seeing the firm prosper as I transition to the next chapter of my career.”

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.7 billion in portfolio assets and advised by LaSalle Investment Management, announced today the acquisition of Patterson Place a 25,000-square-foot retail center in Durham, North Carolina. The retail property is anchored by Duke Medical Plaza, which was recently acquired by JLL Income Property Trust. Patterson Place was acquired for approximately $14.5 million.

“Patterson Place is a well-located, medical office-anchored retail center that we believe benefits from strong foot traffic generated by the recently acquired Duke Medical Plaza along with a strong tenant roster and a prime location at the intersection of two major thoroughfares that connect dense population centers,” said JLL Income Property Trust President and CEO Allan Swaringen. “We have conviction in the Raleigh market and believe the outlook for retail with a strong anchor tenant looks positive as pandemic restrictions ease and consumer spending remains elevated. All of these factors point to a strong investment that should yield long term, stable cashflow for our stockholders.”

Constructed in phases between 2010 and 2015, Patterson Place tenants include national retailers such as Five Guys, AT&T and Moe’s. The weighted average lease term is greater than five years. In addition to its strong tenant roster, Patterson Place benefits from local demographic tailwinds. According to LaSalle Research & Strategy, Raleigh’s in-migrations is expected to outpace the US rate with a high-concentration of prime-age workers over the next 10 years. Within a one-mile radius of the property annual population growth is projected to grow twice as fast as the US average, which should drive continued consumer demand.

The property’s location just off of Interstate 40 puts it at the center of a key regional connector between Durham, Research Triangle Park and Raleigh and makes it accessible to Duke University and University of North Carolina, both of which are just a 10-minute drive.

JLL Income Property Trust’s retail allocation is 14 properties in 13 key markets valued at $789 million and representing approximately 13 percent of its overall portfolio.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has appointed Rosanna Phillips as Managing Director in its Debt Investments team and Kevin Kong as Director of Acquisitions for Value-Add Investments, adding to the continued growth and expansion of LaSalle Debt & Value-Add Strategies in Europe.

Based in London, Rosanna brings extensive legal experience in commercial real estate transactions. Most recently, she was General Counsel at Intriva Capital, an investment firm focused on asset-backed special opportunities in Western Europe. In that role, she was responsible for overseeing legal matters in relation to the business including legal advice, risk evaluation, structuring and execution. Prior to that, Rosanna spent over 10 years at Linklaters, with a particular focus on European real estate finance, and was seconded to LaSalle in that role.

Kevin joins LaSalle with over 12 years of real estate investment experience. Most recently, he served in UBS Asset Management’s Multi-Managers Real Estate group as a Director, where he led coverage of non-fund investments such as JVs, co-investments and fund formations. Prior to this, Kevin spent eight years at Meyer Bergman, most recently as Senior Vice President for acquisitions, where he was responsible for value-add transactions across Europe. Kevin began his career at Citibank London within the EMEA Real Estate & Lodging team. 

Michael Zerda, Head of Debt & Value-Add Strategies at LaSalle, said: “The addition of Rosanna and Kevin brings a wealth of experience and market knowledge to our growing business, and we are pleased to welcome them to LaSalle. We are excited to continue to build our European debt and value-add equity investing capabilities as we deliver value 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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) will develop Munich’s first hybrid timber office building, in collaboration with ACCUMULATA Real Estate Group (“ACCUMULATA”). The building is being constructed on behalf of Encore+, LaSalle’s flagship pan-European fund.

Situated on Elsenheimerstrasse in the city’s Westend district, the office building will have a floor area of approximately 16,000 m2. With dismantling of the existing building on site already underway and construction due to begin in the third quarter of this year, the project is scheduled for completion during the first quarter of 2024. Lettings are already being marketed in collaboration with CBRE, the lead estate agent.

Designed by the leading Munich-based architectural firm Oliv Architekten, the asset will provide flexible, multifunctional spaces including a ground-floor café/bistro and landscaped roof terrace, as well as various wellness amenities, including a yoga studio and a relaxation lounge. Tenants will also enjoy bicycle parking, electric charging points and a smart underground car parking facility. Furthermore, the building will provide customisable office units and creative collaboration spaces, ensuring the asset is well positioned for the future.

In terms of its environmental credentials, the project meets the highest sustainability standards across all areas, including construction, materials and operations. Having already received a DGNB “Platinum” precertification, the asset will be constructed using concrete reclaimed from the existing building currently situated at this location. All materials used in construction will be documented in a material passport, showing where and how the various components were sourced and installed, ensuring they can be repurposed at the end of their service life. These measures are projected to reduce embodied carbon by up to 25%.

Embodied carbon will be low at 366kg CO2e/sqm, significantly below the RICS Building Carbon Database (offices) average benchmark of 1291kg CO2e/sqm.

The use of timber in the building’s load-bearing structure will ensure that approximately 1,100 tonnes of carbon will remain stored in the building fabric, rather than emitted into the atmosphere. During the course of the asset’s lifespan, emissions associated with the building’s operation will be reduced by 65% in comparison to a typical office building through the integration of a photovoltaic system, efficient heating, cooling and ventilation systems and the use of a ground water heat pump. The building will also harvest and store rainwater, supplying irrigation systems for the benefit of surrounding green areas.

David Ironside, Fund Manager of Encore+ at LaSalle Investment Management, commented: “This is an industry-leading and best-in-class project. The first of its kind in Munich, its design in accordance with circular economy principles and resource-conserving operation will serve as a benchmark in sustainable real estate. Located in one of the most sought-after office submarkets in Munich, the property will be extremely well placed to meet the ever-evolving demands of future tenants around sustainability, quality, amenities and infrastructure, while providing attractive long-term returns for our investors.”

Markus Diegelmann, Managing Partner at ACCUMULATA Real Estate Group, added: “The start of demolition marks an exciting first step in the development of what will be one of the most sustainable office projects in Munich. At ACCUMULATA, we aim to promote the concepts of urban mining and the circular economy within the construction sector and this project is firmly aligned with this objective. By utilising ultra-high-quality and recyclable materials, we are creating an office building that can meet occupiers’ shifting requirements, both in terms of flexible working environments and sustainability standards.”

Georg Illichmann, Managing Director at CBRE GmbH, said: “As the first hybrid timber office building to be constructed in Munich, the project achieves all the modern-day requirements tenants demand from office buildings: easy accessibility to public transport, sustainability credentials and working spaces that promote communication, creativity and innovation. The building’s use of timber, unique to the Munich office market, will not only support the building’s sustainability credentials but also the wellbeing of occupiers. At CBRE, we are proud to be leading on the marketing of this unique asset and be involved in ground-breaking project in the German real estate market as the lead estate agent.”

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has completed the acquisition of a prime new-build residential asset in Frederiksberg (Copenhagen), on behalf of its open-ended pan-European LaSalle E-REGI fund.

The transaction represents LaSalle E-REGI‘s first investment in a residential property in Copenhagen, exemplifying the Fund‘s appetite for best-in-class residential assets in Europe’s key cities. It follows the recent acquisition of ‘Lacus Quartier’ in Berlin, which provided a strategic foundation for further growth in the residential sector for the Fund. Copenhagen, underpinned by its strong fundamentals and buoyant growth forecast for disposable income, was ranked as the eighth strongest city in LaSalle’s 2021 European Cities Growth Index and is earmarked as a key market for LaSalle.

The property is located on H.C. Ørsteds Vej in a vibrant residential area of Frederiksberg, in central Copenhagen. The location provides excellent public transport access with a bus stop directly in front of the property and a metro station less than five minutes’ walk. It benefits from close amenities, such as Frederiksberg High Street, as well as the pedestrianised District of Copenhagen and recreational and green areas such as The Lakes and the “Assistens Cemetery” park. Additionally, the Forum, which hosts many concerts and art exhibitions, as well as both Copenhagen University and Copenhagen Business School are located nearby.

Built in 2019, the asset currently operates with very low carbon emissions and boasts an exceptional energy efficiency rating, which is supported by rooftop solar panelling. The building comprises over 3,800m² with 24 high-quality residential apartments which range from one to six rooms and a ground-floor commercial unit which is currently let to leading Danish grocery store chain Netto. The property also holds 40 parking spaces.

Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, commented: “This acquisition marks a key milestone in the Fund’s strategy to further diversify its country and asset allocation by adding its first Danish residential property. The asset’s location, combined with its strong sustainability credentials and the robust demand for residential space in central Copenhagen, is projected to drive strong long-term rental income.”

Jérôme Hamelin, Head of Transactions Western Continental Europe at LaSalle, added: “The asset is characterised by its strong fundamentals in a central urban location with excellent connectivity and amenities. In addition to being a high quality, resilient asset in a highly sought-after residential area, it also supports the Fund’s ESG strategy with its state-of-the-art energy efficiency characteristics.”

LaSalle was advised on the transaction by Keystone Investment Management, who will assist in managing the asset, Accura (Legal), X-Project (Technical) and KPMG (Tax). EDC advised the vendor on the sell-side.

About LaSalle Investment Management 
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has promoted Katie Hynard and Marc Fauchille to Head of UK Commercial Asset Management and Head of Development & Repurposing, Europe, respectively.

In their new roles, Katie will also become the Chair of LaSalle’s newly created European Asset Management Board, and Marc will become one of the Board’s members and lead the specialist European Development and Repurposing platform, a newly created pillar of LaSalle’s European asset management function focused on larger, more complex and higher-return developments.

The new European Asset Management Board will fully integrate LaSalle’s geographical, sector and development asset management expertise across the wide range of European markets and sectors in which it invests – optimising asset performance and managing its portfolio according to the highest Environmental, Social and Governance standards.

The enhanced asset management cross-border capabilities provided by the Board will complement LaSalle’s leading pan-European, full-service client offer and strategic focus on investing in best-in-class assets in growing markets.

Katie has been at LaSalle for 10 years, previously as an Asset Manager and Senior Operations Manager in Europe. She will now be responsible for the management of LaSalle’s commercial sector assets across the UK and, as Chair of the European Asset Management Board, for driving business-wide growth initiatives and delivering efficiencies across the pan-regional asset management strategy.

Since 2019, Marc has served as Development & Asset Management Director at LaSalle for France & Luxembourg. Before joining LaSalle, Marc was a Project & Development Services Associate Director at JLL for 10 years. Marc will now be responsible for supervising development activities across Europe.

Katie and Marc will be joined on the Board by Natalia Kolotneva, Head of Living & Hospitality Asset Management, Europe; Hagen Knaupp, Head of Asset Management, Continental Europe (excl France); and Loïc Sanières, Head of Asset Management, France.

Both Katie and Marc, and their fellow Board members, will report into Beverley Kilbride, Head of Transactions & Asset Management, Europe, at LaSalle.

Katie Hynard, Head of UK Commercial Asset Management at LaSalle, said: “The creation of the European Asset Management Board is a game-changer in terms of offering our clients a fully integrated asset management function across all our markets and sectors in the region. I am therefore very proud to have been appointed Chair, as well as taking on the role of Head of UK Commercial Asset Management. I am really looking forward to working with my colleagues in the UK and on the continent to build upon our proven success and expertise as we strategically leverage our asset management platform to support our growth aspirations across Europe.”

Marc Fauchille, Head of Development & Repurposing, Europe at LaSalle, added: “It is a privilege to lead the European Development and Repurposing platform at LaSalle. I am excited to continue working with colleagues on challenging and high-quality development and repurposing projects that drive stellar returns for our clients.”

Beverley Kilbride, Head of Transactions & Asset Management, Europe at LaSalle, commented: “These promotions and the establishment of the European Asset Management Board position us to maintain and extend our track record of acquiring, developing and managing best-in-class assets in premier locations across Europe. Katie and Marc, with their fellow Board members, will further strengthen our asset management capabilities across all sectors and I look forward to working with them to deliver value 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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

On behalf of Malaysian investor Permodalan Nasional Berhad (PNB), LaSalle Investment Management and development manager M3 Consulting have received a resolution to grant planning permission for the redevelopment of One Exchange Square in the City of London. The proposed scheme transforms an existing 1980’s commercial building into a vibrant new occupier focused Office and Retail destination.

PNB acquired One Exchange Square in 2012. The office space is fully occupied by European Bank for Reconstruction and Development (EBRD). Upon EBRD’s lease expiry in 2022, LaSalle, on behalf of PNB, will execute its strategic business plan to reposition the building into a resilient asset, committing to global ESG design.

Designed by Fletcher Priest Architects, the 13-storey scheme will deliver 422,000 sq ft of high-quality workspace and 15,000 sq ft of retail, fronting both Bishopsgate and the newly re-landscaped park at Exchange Square. With over 34,000 sq ft of external accessible space the building offers biodiverse terrace environments accessible from every floor.

One Exchange Square will have exemplary ESG credentials, targeting BREEAM Outstanding, NABERS 5* and Well Platinum. By retaining 90% of the existing structure, the building will have 50% lower embodied carbon than a typical office building of comparable size. The project is 100% electric and Net Zero Carbon in operation, using intelligent façade design and mechanical services twinned with building management systems to manage operational energy use.

Rick Ramli, Chief Investment Officer, Private and Strategic Investments, PNB said: “PNB has recently introduced its Sustainability Framework where it has identified 10 ESG commitments under the Environmental, Social and Governance pillars. Under the Environmental pillar, PNB is committed to achieve a Net Zero Portfolio by 2050. We are encouraged by the integration of ESG in the refurbishment of One Exchange Square, which is in line with PNB’s Sustainability journey.”

Gary Moore, Managing Director, LaSalle Investment Management said: “We are delighted to have received a resolution to grant planning permission for this market leading Net Zero Carbon office scheme. Through a focus on ESG, occupier wellbeing and productivity we believe One Exchange Square represents the future of commercial offices in the City.”

Richard Hollingworth, M3 consulting said: “Through the work of an exceptional project team, One Exchange Square will deliver an exemplary office product with market leading carbon and sustainability credentials underpinned by a full digital twin building model. The building offers the highest quality office accommodation whilst utilising and enhancing the retained structure. We are looking forward to starting construction works in early 2023.”

JLL and Cushman & Wakefield are joint leasing 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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

The progression from acute to chronic has another positive aspect. The transition allows investors to underwrite assets with the new risks accounted for.

LaSalle Investment Management (“LaSalle”) announced its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), expanded its portfolio through a joint venture acquisition of 21 mid-bay industrial properties in the Greater Toronto Area (“GTA”) in partnership with an international capital source. The properties total nearly 810,000 square feet and are strategically located in the Mississauga industrial node, the premier submarket for servicing Canada’s largest city and just a short drive to Pearson International Airport. LCPF is participating in the acquisition through its value-add sleeve.

The acquisition represents a compelling value-add opportunity for both partners with near-term upside given rents are 60 percent below market rate and the weighted average lease term is just 1.5 years. Toronto is North America’s third largest industrial market and is land constrained due to protective zoning in the surrounding “Greenbelt” area. Historically, these factors have  created strong tenant demand for industrial property, driving vacancy for industrial product in the GTA to 0.9 percent, the lowest of any North American market.

John McKinlay, CEO of LaSalle Canada, said: “We’re thrilled to execute this transaction with our international partner, which helps both parties achieve our goal of increasing our exposure to well-located assets in the industrial sector. We feel our track record of successfully executing on all types of industrial investments, whether they are core, value-add or development, positions us well to create value and generate returns even in a hyper-competitive market such as Toronto.”

Mike Cornelissen, LaSalle Senior Vice President of Acquisitions, added: “This portfolio aligns with all of our preferred attributes in terms of mid-bay product type, location, scale and upside. It’s rare to find such well-located, quality industrial properties in the Greater Toronto Area, and we’re excited about the rental upside given the portfolio’s short weighted average lease term. We appreciate the efficient transaction process with our partners, and believe the assets will meaningfully enhance our portfolios.”

The portfolio is 98 percent leased, with buildings ranging from 18,000-81,000 square feet. The properties are designed to accommodate a wide range of tenant uses, including standalone buildings for single tenants.

The GTA stands out as one of North America’s top industrial markets, driven by high population growth through immigration and exceptional rent growth. This population growth should continue to drive e-commerce demand which relies on well-located mid-bay industrial product. Through the last three years, GTA’s industrial market rents have experienced a compound annual growth rate of 20 percent, meaningfully outpacing the 8-12 percent growth seen in top US markets over that same period.

About LaSalle in Canada

On an aggregate basis, LaSalle has executed more than C$7 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.

About LaSalle Canada Property Fund (LCPF)

LCPF is an open-ended fund targeting core properties in major markets across Canada. The fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle. Launched in 2017, the fund aims to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial, mixed-use, retail and multifamily assets.  Through its near-term pipeline of potential future investments, the fund will seek to take advantage of mispriced assets as it continues to grow.

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) has completed the acquisition of ‘Lacus Quartier’ in Berlin on behalf of the pan-European LaSalle E-REGI fund.

LaSalle signed to acquire the new development from BUWOG in December 2020. The scheme opened its doors to residents for the first time in May 2021 and, following its first 12 months in operation, it has now achieved a 94% occupancy rate, demonstrating the strength of the asset’s offer and location to residents seeking high-quality rental homes in Berlin’s Weißensee district.

The scheme includes 230 high-quality apartments, between 35 and 113 m2 in size, and 88 of the units have a balcony or terrace. Car parking spaces and several e-charging stations are located in the building’s underground garage, and bicycle parking is available outdoors. The courtyard offers a plethora of leisure facilities for families such as a playground, table tennis and a racetrack for children. The property is managed by MVGM.

The neighbourhood is located in the up-and-coming district of Berlin-Weißensee between Gäblerstrasse, Gustav-Adolf-Strasse and Schmohlstrasse within Pankow, the capital’s most populous district. Weißensee benefits from a quiet and family-friendly environment, good public transport links and close proximity to the popular and steadily growing district of Prenzlauer Berg. A population increase of more than 10%[1] is expected for the entire Berlin-Pankow district by 2030.

Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, commented: “This acquisition marks a significant milestone for LaSalle E‑REGI, providing a strategic foundation to further growth in the residential sector for the Fund. We continue to deliver on our strategy to diversify the Fund’s sector allocation with best-in-class assets, prioritising the strongest cities across Europe, which will provide long-term stable income for our investors.”

Antonia Muelsch, Head of Transactions, Germany, at LaSalle, added: “As evidenced by Lacus Quartier’s high occupancy rate in such a short space of time, this market is experiencing strong demand of high-quality rental homes. With its diverse mix of one- to four-bedroom apartments, sophisticated amenities and excellent location, Lacus Quartier is attractive to a wide variety of resident demographics such as families, singles and older residents, and is set to provide secured and sustainable income for the Fund into the future.”

LaSalle was advised by Mayer Brown LLP (Legal), Witte Projektmanagement (Technical), KPMG (Tax) and CBRE (Buy-Side-Advice). Luther LLP (Legal) and BNP Paribas Real Estate GmbH (Transaction Broker) acted for the seller.

[1] Source: StatisticsDepartment Berlin-Brandenburg 2013/2019 / Report on population forecast for Berlin and the districts 2018 –2030

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) is proud to announce that it has received the 2022 ENERGY STAR® Partner of the Year Award from the U.S. Environmental Protection Agency and the U.S. Department of Energy for the fourth consecutive year.

Each year, the ENERGY STAR program honors a group of businesses and organizations that have made outstanding contributions to protecting the environment through superior energy achievements. ENERGY STAR award winners lead their industries in the production, sale, and adoption of energy-efficient products, homes, buildings, services, and strategies. These efforts are essential to fighting the climate crisis and protecting public health.

Elena Alschuler, LaSalle Americas Head of Sustainability, said: “We’re thrilled to be awarded the ENERGY STAR Partner of the Year award for the fourth consecutive year. The EPA’s continued recognition reflects LaSalle’s commitment to a data-driven approach to sustainability throughout our investment underwriting and property ownership. Our standard practice includes using ENERGY STAR Portfolio Manager to assess the efficiency of our properties on an ongoing basis, allowing us to advance our sustainability goals in ways that should drive financial performance for our investors.”

EPA Administrator Michael S. Regan said: “We know it’s going to take all of us working together to tackle the climate crisis, and the 2022 ENERGY STAR award-winning partners are demonstrating what it takes to build a more sustainable future. These companies are showing once again that taking action in support of a clean energy economy can be good not only for the environment, but also for business and customers.”

This achievement adds to LaSalle’s strong track record of ESG best practices and distinctions. Industry organizations continue to recognize LaSalle for ESG leadership and maintaining its distinction as an employer of choice. LaSalle has received the following U.S. and global awards in the past year:

• 14 GRESB-rated funds: 1 five-star and 3 4-star ratings
• American Red Cross Corporate Wesbury Award
• 114 WELL Health-Safety Ratings across Americas portfolio
• P&I Best Places to Work in Money Management (6th year in a row)

About ESG at LaSalle

At LaSalle, our purpose is clear: we deliver investment performance today for a better tomorrow for all our stakeholders. We recognize that ESG has an essential, material influence on investment performance. We tailor our approach to each fund and each asset, working to protect and enhance financial returns today and in the future. We all contribute in different ways and integrate ESG into our processes; it’s part of everything we do.

About ENERGY STAR

ENERGY STAR® is the government-backed symbol for energy efficiency, providing simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations—including more than 40 percent of the Fortune 500®—rely on their partnership with the U.S. Environmental Protection Agency (EPA) to deliver cost-saving energy efficiency solutions. Since 1992, ENERGY STAR and its partners helped American families and businesses avoid more than $500 billion in energy costs and achieve more than 4 billion metric tons of greenhouse gas reductions. More background information about ENERGY STAR’s impacts can be found at www.energystar.gov/impacts and state-level information can be found at www.energystar.gov/statefacts.

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) is pleased to announce Allie Levy, an industry veteran with more than 15 years of experience, has joined the firm as Senior Vice President, Debt Capital Markets Strategy & Execution.

In this newly formed role Allie will partner with LaSalle’s Portfolio, Asset Management and Transactions teams to optimize terms and credit structures across the firm’s funds and will enhance LaSalle’s best practices, ensure deeper market coverage and promote expanded knowledge sharing within the firm. She will also be a key point of contact for LaSalle’s lender relationships.

Allie joins LaSalle from Great Wolf Resorts where she most recently served as Head of Capital Markets and Development Finance and closed more than $2.6 billion in debt transactions. Prior to her time at Great Wolf Resorts, she spent more than six years at GGP, ultimately serving as a Director of Capital Markets. She also has experience in banking, having worked as a senior underwriter in JPMorgan Chase’s real estate banking division. Allie is based in Chicago and reports to Kristy Heuberger and Brad Gries, Co-Heads of the Americas.

Heuberger said, “We’re thrilled to welcome Allie to our team. This newly formed role will be a critical partner for our teams as we hone our current debt strategy and execution, which we believe will allow us to provide greater returns to our investors over time. Allie is an experienced professional with a stellar reputation and a wide array of contacts, and we feel she will quickly make an impact at LaSalle.”

Levy added, “I’m excited to join LaSalle, a firm with a rich history of success in the real estate investment management industry. I look forward to contributing by working closely with the team to find creative financing solutions that benefit LaSalle’s 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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

As the pandemic enters its third year, there is a growing consensus that COVID-19 variants are likely here to stay. The world will need to adapt to this endemic phase as new, milder variants are likely to continue to emerge.

JLL (NYSE: JLL) has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2022 World’s Most Ethical Companies. For the 15th consecutive year, JLL has been honored for demonstrating exceptional leadership and a commitment to business integrity through best-in-class ethics, compliance and governance practices. 

In 2022, 136 companies from 22 countries and 45 industries were honored. Of these, JLL is one of only four honorees in the real estate industry and one of only 12 that have been on the list 15 times or more.

LaSalle is a wholly owned subsidiary of JLL and is proud to share in this achievement.

Read more about this award on JLL.com

SINGAPORE (April 25, 2022) — LaSalle Investment Management (“LaSalle”) is pleased to announce it has earned the WELL Health-Safety Rating on 41 logistics and commercial properties in Asia Pacific through the International WELL Building Institute (“IWBI”). They include 8 properties in Australia, 16 properties in China, 16 properties in Japan and one property in Singapore.

The WELL Health-Safety Rating is an evidence-based, third-party verified rating for all new and existing building and space types focusing on operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment now and into the future. Designed to empower owners and operators across large and small businesses alike to take the necessary steps in order to prioritize the health and safety of their staff, visitors and stakeholders, the WELL Health-Safety Rating can help guide users in preparing their spaces for re-entry in the wake of the COVID-19 pandemic, instilling confidence in those who come through the building as well as the broader community.

Keith Fujii, LaSalle Head of Asia Pacific, said: “By embracing the WELL Health-Safety standard across our Asia Pacific portfolios, we are taking a further step to create a safe and considerate environment for our tenants and their customers. This achievement reiterates LaSalle’s commitment to investing in and managing assets that have a truly positive impact on public health and safety.”

Tom Miller, LaSalle Head of Development and Sustainability, Asia Pacific, added: “We are looking forward to working with IWBI to extend this certification program to many more of LaSalle’s assets in Asia Pacific in the future.”

In order to achieve WELL Health-Safety Rating, the properties implemented features such as improved air and water quality management, health service resources, emergency preparedness programs, enhanced cleaning and sanitation procedures, and increased stakeholder engagement and communication.

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

The conclusion to date is that while lease terms and expense burdens are useful to guide the ability of a property to hedge inflation, the most important element is the market power to raise rents.

LaSalle Investment Management (“LaSalle”) announced that it has signed on as an inaugural partner in the US Department of Energy’s (DOE) Better Climate Challenge (BCC). Through the BCC, organizations can partner with DOE to reduce portfolio-wide scope 1 and 2 greenhouse gas (GHG) emissions by at least 50 percent within 10 years.

US Secretary of Energy Jennifer M. Granholm, said: “Better Climate Challenge partners like LaSalle Investment Management are committing to decarbonize across their portfolio of buildings, plants, and fleets and share effective strategies to transition our economy to clean energy. Their leadership and innovation are crucial in our collective fight against climate change while strengthening the U.S. economy.”

Elena Alschuler, Americas Head of Sustainability, added: “We’re proud to be an inaugural partner in the Better Climate Challenge, and strongly believe in its mission to reduce greenhouse gas emissions. This aligns with our continued efforts, through multiple regional and global commitments, to reduce the carbon footprint of our portfolio not only to help preserve the environment, but also to help drive returns for our investors through reduced energy use and lower operating costs.”

LaSalle’s partnership with DOE furthers its longstanding commitment to reduce emissions. Over the past several years, LaSalle has aligned with other leading initiatives globally, including the United Nations Net Zero Asset Managers initiative and the Urban Land Institute’s Greenprint Center for Building Performance Net Zero Carbon Goal. These commitments are just part of LaSalle’s broader sustainability philosophy of embedding sustainable practices across the business. LaSalle believes that integrating ESG into its day-to-day work is the most effective method to maximize investment performance for clients while minimizing its impact on the environment.

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 completed the acquisition of a fully pre-let senior living property in central Toulouse through a forward-funding agreement with the French developer Cogedim. The transaction has been made on behalf of Encore+, LaSalle’s flagship pan-European fund, and represents the Fund’s first investment in the senior living space.

The acquisition also represents LaSalle’s first investment in senior living in continental Europe and builds upon its expertise in and exposure to the sector in the UK.  

With a newly-established Europe-wide Living and Hospitality asset management platform – currently responsible for £3 billion (€3.6bn) of assets, with 13,000 beds across student housing, build-to-rent, senior living, healthcare and hotels – LaSalle is set to grow its presence in alternative sectors across Europe.

Quai Saint-Pierre, the senior living property in Toulouse, will comprise three connected buildings with over 4,500m² in total area, including 89 flats and 43 car parking units. The property will offer excellent amenities to its residents across almost 700m2 of communal spaces, including a restaurant, swimming pool, TV room, library, fitness room, terraces and gardens.

Cogedim Club, the developer’s in-house and senior living management operator, will manage the asset following completion of construction, which is scheduled for Q2 2024.

Located in the city-centre Capitole district of Toulouse, the asset will benefit from its excellent macro and micro location. Toulouse is the fourth largest city in France and one of the country’s most attractive urban areas, experiencing a population growth of twice the national average between 2012 and 2017. The city is well-connected to Paris via a high-speed train line and, located between the Pyrenees and the Mediterranean, enjoys a temperate climate. On a micro level, the asset is situated in one of the most sought-after and affluent areas of the city, positioned right alongside the banks of the Garonne River. The building will be well-served by close links to public transport, major road networks and Toulouse Airport.

Beverley Kilbride, Head of France and Head of Transactions & Asset Management Europe at LaSalle, said: “This is a landmark transaction for LaSalle as we drive forward our strategy to increase our footprint in alternative sectors across Europe. The market fundamentals are very strong in France, and the combination of long-term demographic changes and the shifting needs of Senior Services Residences has fuelled strong investor demand in the senior living sector over recent years. We look forward to strengthening our portfolio in this area.”

David Ironside, Fund Manager for Encore+ at LaSalle, commented: “This forward-funding deal is a significant milestone, marking our first step into the senior living sector. This forms part of our strategy to increase exposure of Encore+ to alternative property sectors, diversifying our existing asset portfolio. The senior living market is growing as citizens increasingly look to avoid social isolation later in life and reside in higher-quality, fit-for-purpose homes, which fully provide for their needs. Given the long-term letting and its pre-let status, the asset will provide secured and sustainable income for the Fund into the future.”

LaSalle was advised on this transaction by Reed Smith, KPMG, ETYO and CBRE. JLL Capital Markets Residential advised the vendor.

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 1652 and 1672 Tricont, two Class A logistics properties  in its flagship core real estate fund in Canada, LaSalle Canada Property Fund (“LCPF” or “the fund”), earned the prestigious LEED® Silver certifications through the Canada Green Building Council. LEED is recognized globally as an indicator of sustainability achievement and leadership. To achieve LEED Silver, buildings must receive a high score in key areas that measure environmental impact.

Located in Whitby, Ontario in Toronto’s GTA East submarket, 1652 and 1672 Tricont Avenue comprise over 370,000 square feet. The buildings were newly constructed in 2020 and boast 32-foot clear heights, ESFR sprinklers, LED lighting and electric vehicle charging stations. The buildings are fully leased on a long-term basis to credit quality tenants.   

Sam Barbieri, SVP, Portfolio Management and Deputy Fund Manager, LCPF, said: “We’re thrilled that 1652 and 1672 Tricont have earned LEED Silver certifications. These properties were designed with LEED specifications in mind which, along with an exceptional tenant roster and location, was a large reason we acquired them. LaSalle Canada Property Fund continues to be an industry leader in sustainability, we look to continue this momentum through further LEED certifications in our portfolio.”

Elena Alschuler, Americas Head of Sustainability, added: “We remain highly committed to using our asset management practices around the world to achieve leadership in sustainability while prioritizing optimum investment performance.  LEED certification plays an important role in achieving both of these goals at these properties – by reducing our environmental impact and ensuring the buildings remain attractive to tenants and investors into the future.”

The LEED certifications earned by 1652 and 1672 Tricont add to LCPF’s achievements as a leader in sustainability. In 2021, 275 Slater, a 54-year-old office property in downtown Ottawa, earned the LEED Platinum certification, the highest LEED achievement. LCPF has also earned Five Stars, the highest rating, from the Global Real Estate Sustainability Benchmark for two consecutive years, making it the only open-end core fund in Canada to do so.

About LaSalle in Canada

On an aggregate basis, LaSalle has executed more than C$6.6 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.

About Canada Green Building Council

CaGBC (www.cagbc.org) is the leading national organization dedicated to advancing green building, building retrofit, and sustainable community development practices. CaGBC works with industry and all levels of government to make every building greener and healthier for occupants, while reducing carbon emissions and environmental impacts. CaGBC sets and verifies advanced green building standards, conducts government advocacy and market research, and provides education and training that has reached over 45,000 Canadian professionals since 2002. In 2004, CaGBC established the LEED® green building rating system in Canada and developed the first Zero Carbon Building Standard in 2017.

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has acquired a logistics campus in Venlo, the Netherlands, on behalf of Encore+, the firm’s flagship continental European open-ended fund.

Located in the Tradeport logistics hub in Venlo, the Netherlands’ largest logistics market and a key gateway for the European consumer goods market, the campus is situated at the intersection between the major A67 and A73 highways and is easily accessible via the Hutchinson rail terminal as well as the barge terminal. These direct connections by rail, road and river barge allow quick and easy distribution to Germany, Belgium, and France as well as other parts of the Netherlands. Venlo’s logistics market is characterised by high demand and limited supply and has consolidated strongly during the last five years.

The logistics asset currently comprises eight high-quality warehouse units and an additional warehouse which is under construction is set to be delivered by Q4 2022. This new logistics facility will have a total area of 74,000 m² and will include cutting-edge technical specifications, and strong sustainability features such as LED lighting and solar panel roofing.

David Ironside, Fund Manager for Encore+ at LaSalle, said: “The purchase of this logistics campus in Venlo on behalf of Encore+ expands our footprint in one of the most important logistics markets, not only in the Netherlands but also all of continental Europe. Having already invested in an asset in the area, we are convinced of the market’s increasing importance and potential for continued long-term growth, facilitated by outstanding domestic and international transport links.”

Jérôme Hamelin, Head of Transactions, Western Continental Europe at LaSalle: “This purchase exemplifies our investment strategy of targeting prime logistics assets in Europe in sought-after and top-of-the-range markets. The combination of strong ESG credentials, state-of-the art building specifications and compelling market fundamentals singled this asset out as a particularly compelling investment proposition.”

LaSalle was advised on the acquisition by Solid Attorneys (Legal), Arcadis (Technical & Environmental), Deloitte (Tax) and Savills (Commercial). The vendor was advised by CMS (Legal & Tax) and TLF Real Estate (Commercial).

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

One of Europe’s frozen conflicts has suddenly started to run hot. Real estate investors are wise to anticipate incrementally higher inflation, particularly in construction materials and energy costs, while evaluating the relative magnitudes of the upward and downward pressures on the cost of debt.

A fund managed by TE Capital Partners and a fund managed by LaSalle Investment Management, announced today through their joint venture company, Dragon Peak Pte Ltd (“Joint Venture”) that it has completed the acquisition of 140 Cecil Street, a 17-storey office building also known as PIL Building on an 1,815 square metre (approx.19,539 sq ft) site within the Singapore’s Central Business District (“Property”).

The Property is in the highly sought-after prime Central Business District (“CBD”) location with excellent connectivity to public transportation including four major train stations situated within three to eight minutes’ walk. Well nestled at the confluence of the prestigious Cecil Street and the vibrant Telok Ayer heritage precinct, famed for its exciting F&B offerings amongst beautifully designed conserved shophouses, office occupants will enjoy seamless accessibility and amenities within the area. The Joint Venture plans to redevelop the Property into a Grade A office building featuring Green Mark Platinum Certification, a high floor to ceiling height of 4.9 metres and efficient floor plates which would provide ample flexibility for single or multitenant use. The building will offer excellent views over the CBD as well as the bustling Telok Ayer precinct. TE Capital Partners will be the operating partner for the Joint Venture.

As the first partnership between TE Capital Partners and LaSalle Investment Management, this synergistic tie-up represents the vote of confidence both managers have in the Singapore office sector. Singapore has a strong reputation as a stable and resilient property market with an enviable track record for mid- to long-term capital value growth and preservation. It has performed well during the pandemic and stands out as one of the most preferred office investment destinations in the region.

Emilia Teo, Managing Director, TE Capital Partners said, “On behalf of our shareholders and investors, we are pleased to add this strategic asset in Singapore to our assets under management via this JV with LaSalle Investment Management. We have seen increasing office demand in the Singapore CBD from the technology and financial services tenants and are expecting a moderate level of new supply coming into the market in the next few years.”

Terence Teo, Managing Director, TE Capital Partners said, “We are confident that this opportunity can allow the Joint Venture to capitalise on an upswing in the Singapore office market and grateful to our partners and stakeholders for entrusting us to deliver a state of the art, modern and sustainable new development within the CBD cityscape.”

Claire Tang, Co-CIO Asia Pacific, LaSalle Investment Management said, “This asset is a welcome addition to our portfolio as we continue to witness increasing participation from global institutional investors in the Singapore office sector and sustained occupier demand from global tech companies and financial institutions amidst the pandemic.”

George Goh, Head of Acquisitions and Asset Management, Southeast Asia, LaSalle Investment Management said, “Together with our JV partner, we are delighted to be given the opportunity to reshape and rejuvenate this part of Singapore’s prime CBD through developing an institutional class office asset that meets the dynamic needs of today’s and tomorrow’s occupiers.”

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 acquired Verona DC1, a fulfillment center located in Verona, Italy, a center of strategic importance connecting northern and southern Europe. The asset was acquired on behalf of Encore+, LaSalle’s flagship pan-European fund, from DeA Capital Real Estate SGR, through Fondo Logita, on behalf of SEGRO European Logistics Partnership (“SELP”).

The state-of-the-art e-commerce distribution hub was built in 2019 by Vailog (a SEGRO Group Company) and comprises a lettable area of 128,000 sqm split across a ground floor area, mezzanine spaces and office and service areas. Built to the highest environmental and technology standards, the hub achieved a DGNB Platinum level certification, which recognises the environmental, economic, sociocultural, functional and technical quality of assets.

The distribution hub is situated within the economic powerhouse belt of northern Italy, which serves as a strategic gateway to the southern European market. Located in Verona, the hub benefits from excellent links to road networks connecting to France and Austria, as well as access to the European route E45, the longest north-south route in Europe. Italy has the second largest manufacturing industry in Europe and its logistics market enjoys strong fundamentals and growth prospects, due to the expected doubling of e-commerce penetration in the country by 2024.

The asset is leased to the Italian subsidiary of one of Europe’s leading online fashion retailers. As a major market player, the company has demonstrated sustained commitment to the centre by installing advanced automation and sortation systems at the site, alongside agreeing a long-term tenancy agreement.

David Ironside, Fund Manager for Encore+ at LaSalle, said: “Verona DC1 further increases the exposure of Encore+ to the fast-growing European logistics market. The transaction comes at an opportune moment as we continue to enhance our portfolio by identifying strategic assets that sustain strong and stable returns for our investors.”

Francesco Coviello, Head of Transactions for Southern & Central Europe at LaSalle, added: “This logistics asset is truly best-in-class, with outstanding ESG credentials in a market with compelling fundamentals. This latest addition to the portfolio comes off the back of recent successful acquisitions undertaken on behalf of Encore+ across continental Europe. We look forward to continuing to grow our exposure to exceptionally attractive logistics assets.”

LaSalle was advised on this transaction by K&L Gates (legal), Studio Pirola (tax), JLL (buy-side advisory) and SPI Italia (technical and sustainability advice).

SELP was advised by Apollo & Associati (legal), Nephos and CBRE (technical), CBRE (sell-side advisory) and KPMG (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“) has acquired the logistics property ”The Plus” in Bielefeld, Germany, for the French public service additional pension scheme (ERAFP). The vendor is Real I.S. AG.

Completed in 2008 and expanded in 2011, the property comprises a total area of around 31,200m2. It is divided into approximately 27,200m2 of state-of-the-art warehouse and handling space, with a total cross-docking capacity of 10,000m2, as well as 4,000m2 of office space.

Located in the east of Bielefeld, North Rhine-Westphalia, the warehouse is leased on a long-term basis to the transport and logistics company Kühne + Nagel. It benefits from excellent connections to the A2 freeway with surrounding cities including Hanover and Kassel. As well as this, the Ruhr area and the Dutch border can be reached in less than 120 minutes by car. Due to its strategically attractive location, the surrounding business park is home to numerous international companies from the industrial, logistics, wholesale, retail  and service sectors.

Mathias Malzbender, Fund Director & Head of Separate Accounts Continental Europe at LaSalle, comments: “We are delighted to have overseen the successful acquisition of this high-quality and well-situated property for our investor in a region which has experienced strong employment growth recently, as well as the significant development of this business park. ‘The Plus’ is perfectly aligned with the portfolio’s investment strategy and represents the high quality and reliability of this separate account to secure long-term and sustainable returns.”

LaSalle was advised on the transaction by Clifford Chance Deutschland LLP (Legal & Tax), Drees & Sommer (Technical, Sustainability) and BNP Paribas Real Estate (Buy Side).

Real I.S. was advised on the sale from a legal and tax perspective by the law firm Norton Rose Fulbright LLP and from a commercial perspective by CBRE GmbH. Brand Berger was active on the technical side.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.9 billion in portfolio assets and advised by LaSalle Investment Management, today announced the acquisition of Duke Medical Plaza, a nearly 60,000-square-foot, world-class, medical office building in Durham, North Carolina. The purchase price was approximately $37 million.

Occupying more than 86 percent of the property, Duke University Health System, an affiliate of Duke University, is the anchor tenant of the four-story property. The health system recently agreed to a lease extension and expansion that will increase the property’s occupancy to 96 percent with a weighted average lease term of more than nine years. Duke Health, the umbrella organization for the broad activities of the Duke University healthcare affiliates that occupy the property, is the state’s dominant academic healthcare provider, with 31 percent of local market share, and is ranked as the best hospital in North Carolina.

“We’re thrilled to add Duke Medical Plaza to our growing healthcare portfolio, as we continue to make healthcare-focused properties our priority focus within the office sector,” said JLL Income Property Trust President and CEO Allan Swaringen. “This well-located property, occupied by a world class tenant, fits squarely into our strategy of acquiring medical office buildings with these traits. This acquisition further diversifies our portfolio across our targeted property sectors that align with our Research & Strategy team’s recommended overweights.”

Constructed in 2010, Duke Medical Plaza is strategically located at the intersection of Interstate 40 and US 15-501 in the sought-after Research Triangle submarket, making it a close drive to large health systems including Duke Health and UNC Health in both Chapel Hill and Durham, respectively. This location provides easy access for patients and access to a highly educated workforce. Additionally, the property is in the middle of a large mixed-use center that includes a hotel and three forthcoming apartment communities.

This acquisition increases JLL Income Property Trust’s healthcare allocation to 15 properties totaling more than 1.1 million square feet, valued in excess of $450 million and representing approximately 8 percent of its overall portfolio

JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),

Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. 

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

LaSalle Investment Management (“LaSalle”) is pleased to announce it has earned the WELL Health-Safety Rating for 114 office and multifamily properties in the U.S. and Canada through the International WELL Building Institute (“IWBI”). This represents one of the largest portfolios with combined space types to receive the WELL Health-Safety Rating. The WELL Health-Safety Rating is an evidence-based, third-party verified rating for all new and existing building and space types focusing on operational policies, maintenance protocols, stakeholder engagement and emergency plans to address a post-COVID-19 environment now and into the future.

Designed to empower owners and operators across large and small businesses alike to take the necessary steps in order to prioritize the health and safety of their staff, visitors and stakeholders, the WELL Health-Safety Rating can help guide users in preparing their spaces for re-entry in the wake of the COVID-19 pandemic, instilling confidence in those who come through the building as well as the broader community.

Kristy Heuberger, LaSalle Co-Head of the Americas, said: “In today’s environment, it is critical to have healthy spaces that tenants can enjoy with peace of mind. The WELL Health-Safety Rating validates the best practices that we have implemented to keep people safe at our properties throughout this unprecedented time. We strongly believe in the value creation of the Well Health-Safety Rating as it demonstrates our commitment to improving the lives of our tenants and residents.”

Jessica Cooper, Chief Commercial Officer of IWBI, said: “LaSalle is a global leader in real estate assets. In achieving the WELL Health-Safety Rating for multiple office and residential properties across North America, LaSalle is showcasing leadership to scale the impact of health and well-being where people spend most of their time. IWBI congratulates LaSalle for achieving the rating and extending health benefits across the U.S. and Canada.”

In order to achieve WELL Health-Safety Rating, the properties implemented or demonstrated features such as improved air and water quality management, health service resources, emergency preparedness programs, enhanced cleaning and sanitation procedures,  and increased stakeholder engagement and communication.

The WELL Health-Safety Rating provides a centralized source and governing body to validate efforts made by owners and operators. It leverages insights drawn from the IWBI Task Force on COVID-19, in addition to guidance on the spread of COVID-19 and other respiratory infections developed by the World Health Organization, U.S. Centers for Disease Control and Prevention, global disease control and prevention centers and emergency management agencies, as well as recognized standard-making associations such as ASTM International and ASHRAE, and leading academic and research institutions, as well as core principles already established by IWBI’s WELL Building Standard, the premier framework for advancing health in buildings and spaces of all kinds.

LaSalle’s properties were awarded the WELL Health-Safety Rating following the successful completion of third-party documentation review by GBCI to confirm it has met the feature specific intents and requirements.

About the International Well Building Institute

The International WELL Building Institute (IWBI) is a public benefit corporation and the world’s leading organization focused on deploying people-first places to advance a global culture of health. IWBI mobilizes its community through the administration of the WELL Building Standard (WELL) and the WELL Health-Safety Rating, management of the WELL AP credential, the pursuit of applicable research, the development of educational resources, and advocacy for policies that promote health and well-being for everyone, everywhere. More information on WELL can be found here.

International WELL Building Institute, IWBI, the WELL Building Standard, WELL v2, WELL Certified, WELL AP, WELL Portfolio, WELL Portfolio Score, The WELL Conference, We Are WELL, the WELL Community Standard, WELL Health-Safety Rating, WELL Health-Safety Rated, WELL Workforce, WELL and others, and their related logos are trademarks or certification marks of International WELL Building Institute pbc in the United States and other countries.

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 Summerhouse Lakewood Ranch, a newly-constructed, Class A multifamily property in the Sarasota suburb of Lakewood Ranch, Florida. LaSalle purchased the 257-unit property, which was developed in 2021 by LIV Development, on behalf of a separate account client.

Summerhouse Lakewood Ranch is located just 11 miles from downtown Sarasota in a highly desirable and fast-growing suburban market. Its location directly off Highway 64 and less than three miles from I-75 provides residents excellent accessibility to amenities and major work nodes throughout the majority of the Tampa MSA. LaSalle Research & Strategy ranks the Sarasota-Bradenton market highly on its Small Market Apartment Target analysis due to its high household income, educated workforce and proximity to live-work-play amenities.

The tenant demand for apartments is underscored by the Sarasota-Bradenton market’s record-low vacancy, which was below 2 percent at the end of 2021, contributing to very strong year-over-year effective rent growth. Summerhouse Lakewood Ranch is part of the larger Lakewood Ranch master- planned community, launched in 1994, which recently became the U.S.’s best-selling master planned community.

Pat Pelling, Managing Director of Acquisitions at LaSalle, said: “Summerhouse Lakewood Ranch experienced an impressive lease-up as a result of the property’s strategic location within the Tampa/Sarasota MSA. Lakewood Ranch offers residents access to many lifestyle amenities as well as access to A-rated schools and nearby employment nodes. Given the strong projected population and economic growth of this market, we feel this asset will continue to see strong leasing momentum and rent growth in the years to come.”

Steve Lieb, Managing Director, Portfolio Manager at LaSalle, said: “Summerhouse Lakewood Ranch is an exceptional property that fits well within our investment thesis given its location, proximity to excellent schools and strong demographic trends in the area. We have conviction that well-located, Class A multifamily properties will continue to generate strong tenant demand and create excellent cash flow for our client, while appreciating in value as investors continue to favor this property sector. The Sunbelt generally, the Tampa and Sarasota area included, has seen tremendous job growth and favorable demographic tailwinds to support continued rent growth.”

Summerhouse Lakewood Ranch features condo-quality unit finishes including stainless-steel appliances, granite countertops, wood-style flooring and keyless entry. The community’s amenity package includes a pool, a fitness center, a yoga/wellness lounge, pet spa and expansive clubhouse.

About LIV Development

LIV develops, acquires, and operates Class A multifamily communities across the southern United States. Known for intentional and innovative design, leading edge amenities, and desirable locations, LIV seeks to enrich the lives of its residents while positively impacting communities and delivering superior returns to investors. Throughout its 15-year history, LIV has developed or acquired more than 20,000 multifamily homes with a total combined market capitalization of $3 billion. Headquartered in Birmingham, Alabama LIV has regional offices in Charlotte, Dallas, and Tampa. Learn more at livdev.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”) today announced it completed the final close of LaSalle Canadian Income & Growth Advantage Fund (“CIG Advantage”, the “Fund”) at an aggregate total of C$306 million. The Fund secured commitments from institutional European capital sources and includes a co-investment vehicle. This is LaSalle’s fifth Canadian value-add fund.

John McKinlay, CEO of LaSalle Canada: “Canada continues to stand out as an excellent market for transparent, income-driven investments for investors around the world. This closing highlights our past success and the trust we’ve built with investors to successfully execute our value-add strategy.”

Added Chris Lawrence, Sr. Managing Director and Head, Value-Add Strategies at LaSalle Canada: “As Canada’s economy continues to strengthen, we expect there to be significant opportunities in key property sectors that the Fund can capitalize on to drive returns for investors. We’re excited to build on our successful track record of value-add investing through a hands-on, active approach to sourcing, active asset management and realization.”

The Fund offers investors the expertise and knowledge of LaSalle’s established Canadian real estate platform which has been operating since 2000, and provides investors with the opportunity to access potential income and capital appreciation in Canada’s real estate market. CIG Advantage will target 17-19 percent gross returns.

The Fund’s investment strategy targets value-add real estate opportunities across multiple property sectors with a focus on properties that can be upgraded and repositioned as core. CIG Advantage will focus on Canada’s top six metro areas: Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal.

Continuation of Strong LaSalle Canada Performance

The final close of LaSalle Canadian Income & Growth Advantage Fund continues a strong year for LaSalle’s Canadian platform. LaSalle Canadian Income & Growth Fund IV completed three key dispositions totaling approximately C$160 million, bringing the fund closer to full liquidation as outlined in its strategy:

• 5515 North Service Road: An 86,000-square-foot Class A office property in Burlington, Ontario. The property was upgraded through a full elevator upgrade, a new main lobby, new common areas on each floor and a new HVAC system. The sale yielded a gross levered IRR of approximately 19 percent.
• 2 and 30 International: Two class A office properties in Toronto’s West End totaling more than 122,000 square feet. 2 International was demolished and built ground-up, and 30 International underwent extensive renovations, positioning these properties for stable occupancy of over 97 percent when sold. The sale yielded a gross unlevered IRR of approximately 12.7 percent.
• Mission Junction Shopping Centre: Fund IV sold the open-air, grocery-anchored retail space in Vancouver’s District of Mission. Purchased in 2016, the property was expanded and stabilized at 95 percent occupancy when sold. 75 percent of tenants were national tenants, compared with just 65 percent when the property was purchased. The sale yielded a gross IRR of approximately 15.5 percent.

Additionally, LaSalle Canada Property Fund (“LCPF”), LaSalle’s flagship core Canadian fund, made several marquee acquisitions including:

• A 50 percent stake in Maison Manuivie, a trophy office tower in Montreal, and Guildford Town Centre, a trophy retail asset in Vancouver with a parcel slated for multifamily development. LCPF purchased the portfolio from Ivanhoe Cambridge.
• A three-building, 610,000-square-foot logistics portfolio outside of Toronto.
• A 47.5 percent stake in the Rideau & Chapel multifamily development. The property will comprise a 27-story, 315-unit, Class A apartment property in downtown Ottawa.

About LaSalle in Canada

On an aggregate basis, LaSalle has executed more than C$7 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The formation of LCPF expanded LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.

About 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.

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets, and advised by LaSalle Investment Management, today announced the acquisition of Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, Illinois. The purchase price was approximately $47 million.JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets, today announced the acquisition of Elgin Distribution Center, a Class A, two-building industrial property totaling 407,000 square feet and located in the northwest Chicago suburb of Elgin, Illinois. The purchase price was approximately $47 million.

“The Elgin Distribution Center fits squarely within our industrial investment thesis as a well-located, newly constructed property with strong tenant profiles,” said Allan Swaringen, JLL Income Property Trust President and CEO. “The Elgin warehouse submarket stands out for its access to a robust labor pool and close proximity to Chicago, along with O’Hare International Airport, which we believe will drive long-term value for these properties. Industrial remains an overweight target for our portfolio given our belief that it will provide strong, long-term cashflow to our diverse portfolio. Our aggregate industrial allocation is now over $1.7 billion, or approximately 30 percent of our $5.9 billion portfolio, and includes 54 properties across 13 key markets.”

Recently constructed in 2020, the properties are built to state-of-the-art design specifications. The larger building, which totals over 326,000 square feet, is cross-docked with 33-foot clear heights. The smaller building, which totals more than 80,000 square feet is rear docked and has 29-foot clear heights and includes a front-office. The properties are 100 percent leased with a weighted average lease term of approximately 10 years.

According to LaSalle Research & Strategy, the Chicago metro is the country’s second largest industrial market, with 1.2 billion square feet of industrial space. Chicago’s central location, proximity to irreplaceable transportation infrastructure and access to a large population make it a critical hub for national distributors. Over the four quarters ending in Q1 2021, Chicago’s industrial market experienced 18.5 million square feet of net absorption and a steady decline in vacancy rates. Chicago also has the highest going-in yields of any gateway industrial market in the U.S. The Elgin Distribution center also benefits from access to a growing population and large labor pool, as well as excellent access to major transportation nodes including Interstate 90, Route 31, Randall Road and Route 47.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderum. Ex duo eripuit mentitum. Et has minim elitr intellegat.

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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),

Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. 

Valuations, Forward Looking Statements and Future Results

This press release may contain forward-looking statements with respect to JLL Income Property Trust. 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. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.

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.

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.9 billion in portfolio assets and advised by LaSalle Investment Management, today announced the acquisition of South Louisville Distribution Center, a 327,000-square-foot, newly constructed Class A industrial property strategically located in the Bullitt County industrial submarket, one of Louisville’s top locations for industrial properties. The purchase price was $39.5 million.

The property is fully leased for seven years to Rivian, an electric vehicle automaker and automotive technology company which recently completed a successful initial public offering. The lease includes annual rent increases of 2.75 percent.

“South Louisville Distribution Center is an excellent fit within our geographically diversified industrial portfolio given its location near irreplaceable transportation infrastructure, state-of-the-art construction and the positive dynamics of Louisville’s industrial market,” said Allan Swaringen, JLL Income Property Trust President and CEO. “The Bullitt County submarket has also been a recent benefactor of supply constraints in the closer-in airport industrial submarket, with limited big-box vacancy, which should continue to create strong demand for industrial space there. We have high conviction in the overall warehouse property sector and its ability to create stable, long-term cashflow, which is why we continue to view it as an overweight allocation for our portfolio.”

JLL Income Property Trust’s aggregate industrial allocation is now over $1.7 billion of warehouse holdings in 54 properties across 13 key markets, representing the second largest property type allocation in the portfolio.

Completed in August 2021, the property includes Class A features such as cross docking, 36-foot clear heights and LED lighting.

According to LaSalle Research & Strategy, Louisville is an overweight market whose merit is driven by an above average return outlook, lower volatility and strong rent growth expectations. Louisville’s central location at the confluence of major Interstate highways including I-64, I-65, and I-71, reinforcing JLL Income Property Trust’s research-led industrial strategy focused on acquiring properties with primary access to critical hubs of distribution and transportation infrastructure. The property is a short drive from major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and Louisville International Airport. The Louisville industrial market’s vacancy rate is just 3.7 percent, below the 4 percent national average vacancy for industrial.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world’s leading real estate services firms.

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About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),

Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

CHICAGO, Feb. 4, 2021 – JLL (NYSE: JLL) has been named to the 2021 Bloomberg Gender-Equality Index (GEI), which tracks the performance of public companies committed to supporting gender equality through policy development, representation and transparency. This is the second consecutive year JLL has been included in the index.

“We have a steadfast commitment to a more diverse and inclusive future, which is core to our purpose of shaping the future of real estate for a better world,” said Mary Bilbrey, JLL’s Chief Human Resources Officer. “Women continue to be disproportionately affected by the pandemic, and we are leading with empathy and flexibility to build a supportive culture that puts well-being at the forefront of the future workforce. We are honored that Bloomberg has again recognized our gender equality efforts.”

LaSalle is a wholly owned subsidiary of JLL and is proud to share in this achievement.

Read more about this award on JLL.com