LaSalle acquires the Monceau Jadin complex in the 17th district of Paris
PARIS (October 11, 2018) — LaSalle announces the acquisition of the Monceau Jadin property from the Perial group on behalf of the investment foundation Testina and is the segregated mandate’s first investment in France.
The building will be completely renovated upon vacation by Perial, which plans to move its new and larger headquarters in Paris’ 17th arrondissement. The building has sound fundamentals and will provide high quality and fully certified space once upgraded; it is multi-tenant fit and has a rare and highly sought-after lot size for single tenants. As such it is expected to provide a stable income return to the investors over the long-term.
The Monceau Jadin property covers around 2,000 m² and is composed of two interconnected buildings organised around a 200 m² internal courtyard. It is a five-storey stone-fronted corner building situated at 7/9 Rue Jadin and a three-storey brick and cut-stone building at 34 Rue Médéric. The property is fully occupied by the Perial group and enjoys an excellent location, right next to Monceau park and less than 300 metres from the “Monceau” (line 2) and “Malsherbes” (line 3) underground stations.
Beverley Shadbolt, Country Manager for France at LaSalle Investment Management comments: “The Monceau Jadin buildings constitutes a rare investment opportunity in the heart of the Paris business district and offers strong upside potential in the long term. This deal confirms the team’s strength in identifying promising assets, including those located in the centre of Paris, at a time when the available supply of such assets is historically low.”
Mathias Malzbender, Fund Manager at LaSalle Investment Management, said “I am delighted to announce this acquisition which will give the Fund attractive exposure to the Paris office market and diversification to France. Given the favourable economic conditions and a subdued development pipeline, occupier demand is expected to remain strong until the asset is fully leased.”
Testina is a Swiss investment foundation for international real estate investments. Testina was founded in 2005 by two large Swiss Pension Funds. The mandate is managed by LaSalle and targets continental European real estate. Its strategy is to invest in core office and retail properties in vibrant and growing cities in the main Eurozone countries on a long term buy and manage basis.
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 $60.5 billion as of Q3 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.
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