London (January 9, 2025) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announces that it has provided a £68.7 million green loan to Vita Group to finance the delivery of a new 540-bed purpose-built student accommodation (PBSA) scheme in central Birmingham.
Located on Gough Street in Birmingham city centre, the asset will benefit from excellent rail, bus and tram links. The scheme will help address the undersupply of specialist accommodation in the UK’s second largest student market, with five universities and c.80,000 students based in the Birmingham Metropolitan Area. Planning permission was secured and construction work, led by MRP, commenced in 2023, with completion set for August 2026.
The 105,000-sq-ft scheme will comprise two tower blocks, of 10 and 29 stories respectively, with amenities including private dining rooms, a vibrant hub space for socialising and studying, a state-of-the-art gym, an outdoor basketball court, outdoor terraces and shared cycle storage. The building is designed to be highly sustainable, targeting BREAAM ‘Excellent’ certification, with LaSalle’s green loan structured under the Loan Market Association’s green loan framework.
David White, Head of LaSalle Real Estate Debt Strategies, said: “This latest development loan completed by our Debt Investments platform maintains our strong pace of deployment, positioning our business as one of the most active real estate debt providers in Europe. In Vita Group and MRP, we are working with two firms with best-in-class reputations for providing high-calibre, well-amenitized student accommodation and for successfully delivering large-scale PBSA schemes. Our investment in the Gough Street development provides our investors with exposure to a high-quality asset, supported by the strong fundamentals of Birmingham’s structurally undersupplied student market.”
Max Bielby, Chief Operating Officer for Vita Group, added: “We’re delighted to be working with trusted partner LaSalle to deliver this best-in-class student accommodation to the heart of Birmingham. The delivery of this building is well underway and will raise the standards of what students should and can expect from their accommodation experience in the city centre. We look forward to welcoming students from September 2026.”
Ends
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$88.2 billion of assets in private and public real estate equity and debt investments as of Q3 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
About LaSalle Debt Investments
LaSalle Debt Investments is part of LaSalle’s growing US$10 billion Debt and Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit solutions – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.
Chicago (January 6, 2025) – LaSalle Investment Management (LaSalle) announced today the acquisition of Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona. The acquisition was made on behalf of LaSalle Property Fund (LPF), the firm’s US core open-ended fund.
The property, situated on 36.79 acres, features 24-foot clear heights, dock-high and grade-level doors, and ample parking. The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian. Located at 7340-7360 South Kyrene Road and 7333-7343 South Hardy Drive, Tempe Commerce Park benefits from its position in one of Metro Phoenix’s most sought-after submarkets, offering excellent accessibility to major transportation routes.
Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “This acquisition aligns with our strategy to increase the Fund’s industrial allocation in high-growth metropolitan markets. Tempe Commerce Park is an excellent addition to our portfolio, offering exposure to a prime infill submarket.”
Matt Bogovich, Vice President of Transactions added: “We’re excited to acquire this high-quality industrial complex in Tempe, a key submarket within Metro Phoenix. The property’s strategic location, diverse tenant mix, and recent improvements position it well to capitalize on the area’s strong industrial fundamentals and continued growth.”
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$88.2 billion of assets in private and public real estate equity and debt investments as of Q3 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
