LaSalle sells 19 Harris Street, a Grade A office property in Sydney
SYDNEY July 14, 2015 – LaSalle Investment Management (“LaSalle”) today announced that on behalf of LaSalle Asia Opportunity Fund IV (LAOF IV) it has agreed to sell its 100% interest in 19 Harris Street in Sydney to a client of UBS Grocon for AU$91.919 million.
Located in the Sydney Metropolitan market of Pyrmont, 19 Harris Street is a Grade A office building with a net lettable area of 12,638 square metres extending over ground and six upper office levels. The asset was acquired in December 2014 by LAOF IV as part of a six asset portfolio transaction from Lend Lease.
LaSalle Regional Director of Asset Management, Simon Howard said, “The success of this divestment is a testament to LaSalle’s strong execution capability and our dedication to maximising gains and returning capital to investors. We are especially pleased to have generated such strong returns on this investment over a relatively short period of time.”
LAOF IV is the fourth in a series of successful opportunity funds launched by LaSalle for the Asia Pacific region, focused on building a diversified portfolio of assets in Australia, China, Japan and South Korea. LaSalle was established in Asia Pacific in 2000 and is now one of the most recognized names in real estate investment management in the region. It currently manages US$7.0 billion in real estate assets in Asia Pacific.
James Quigley of Colliers International was the broker for the transaction.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $59.5 billion as of Q2 2018 of private and public equity and private debt investments. 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. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
This information 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 by means of a private placement memorandum. Past performance is not indicative of future results.