LaSalle acquires the €320M Alto Development Project in La Défense, Paris

LONDON (February 10, 2016) – LaSalle has acquired the Alto Development Project in La Défense, Europe’s largest purpose built business district, with a total development value of €320 million on behalf of a Middle Eastern Sovereign Wealth Fund.

The new property, which will be delivered in 2020, will be built by French contractor ‘Bouygues’ and will offer 51,000 sqm of grade A office space with double green certification and low energy consumption label.

Located at the entrance of La Défense, this development scheme consists of the acquisition of an existing building ‘Les Saisons’ before its demolition to build a 39 storey office tower. Construction of the project is expected to commence in mid-2016. La Défense is Paris’s premier business district with the highest concentration of headquarters in Europe, offering quick and direct access from Paris through excellent public transport links.

Karim Habra, Head of France of LaSalle Investment Management, said, “This acquisition is an excellent example of our value-add investment strategy, focusing on opportunities in strong French business locations, with a robust appetite for similar opportunities in the future. Over the last 12 months we have been involved in transactions in France worth €1.5 billion, achieving attractive returns for our clients, which is testament to our in-depth market knowledge and expert investment approach.”

Simon Marrison, European CEO of LaSalle Investment Management, added, “This purchase offers an excellent opportunity to build a quality high rise office tower in one of the largest and most dynamic European business hubs. It is another example of LaSalle’s strategy of creating Core properties in Demographics, Technology and Urbanisation-rich European locations. Paris La Défense is a top DTU proposition, with a strong occupier and investment market.”

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.