LaSalle acquires shopping centre in Melbourne’s northern growth corridor

SYDNEY August 17, 2015 – LaSalle Investment Management (“LaSalle”) today announced that on behalf of Bayerische Versorgungskammer (BVK) it has acquired Summerhill Shopping Centre in the inner Melbourne suburb of Reservoir, approximately 12 kilometres northeast of the city’s CBD.

Located on a high profile corner site and well serviced by Melbourne’s main arterial roadways and a major tram stop providing direct access to the city’s CBD, Summerhill Shopping Centre is a convenience based sub-regional shopping centre covering 16,493m². It is anchored by Coles, Aldi and Kmart, with an additional two mini majors, 28 specialities, four kiosks, three ATMs and three pad sites.

Chris Forbes, Head of Funds Management (Australia), LaSalle, said, “This asset is an excellent long-term investment opportunity for the BVK mandate in Melbourne’s thriving northern growth corridor. It is supported by a vast trade catchment area which is experiencing consistent growth and has an estimated population of 153,000.”

BVK is the Bavarian umbrella pension scheme for self-employed professionals, including doctors, lawyers and architects. It has invested with LaSalle since August 2013 in global, core direct real estate investment opportunities across all property types and selected geographies. 

About LaSalle Investment Management 

LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $68.4 billion of assets in private and public real estate property and debt investments as of Q1 2019. 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.

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.