LaSalle E-REGI acquires a Staycity development in La Défense, Paris from Kaufman & Broad
PARIS (July 03, 2019) — LaSalle Investment Management (“LaSalle”), the global real estate investment manager, is pleased to announce that it has acquired a serviced-apartment development pre-let to Staycity in Courbevoie, in close proximity to La Défense, on behalf of LaSalle E-REGI. It was acquired from Kaufman & Broad on a forward-funding investment (VEFA contract).
A newly-constructed building will be complete on this development in July 2021; this will form part of a c.30,000 sqm mixed-use complex called Highlight and will be comprised of three other buildings. All of these buildings will be arranged around an 850 sqm landscaped garden.
The aparthotel will be comprised of 6,313 sqm of which there will be 216 rooms spread over seven floors. The property will also benefit from various amenities (coffee shop, gym, laundry, luggage room), a private terrace and car park. It will be certified BREEAM Very Good.
Located on rue de l’Industrie in Courbevoie, the property benefits from a strategic location close to both La Défense and the Paris CBD. The property is a short walk from the “Esplanade de La Défense” metro station Line 1 and one station away from RER A express train. Both lines provide a direct link to Paris CBD and quick connection to the various transportation hubs in central Paris (Châtelet, Saint-Lazare etc.).
LaSalle E-REGI is an open-ended pan-European real estate fund (AIF), with a current AUM of €710 million. It was launched by the capital management company LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH (“LaSalle KVG”), which is 100% owned by LaSalle GmbH, and has attracted investment from a number of major institutional investors. It aims for stable income return from a diversified core portfolio (office, retail, logistics and hospitality) in transparent markets. The investment strategy is based on a quantitative model, the European Regional Economic Growth Index (E-REGI) which has been developed by LaSalle since 1999 and identifies the cities and regions across Europe that have the greatest economic growth potential over the short to medium term.
Uwe Rempis, Fund Manager of the LaSalle E-REGI fund at LaSalle, said: “I am delighted to announce this fourth acquisition in France, and our first in the alternatives sector in this country. This sector is a focus for the fund where we are targeting high-quality, core assets in strong locations.”
Beverley Shadbolt, Country Manager for France, added: “I am delighted with this, the French business’ first alternative investment in France. We expect this sector to perform very well in France over the coming years and as such our team has sourced this opportunity in an excellent location. LaSalle has significant experience of investing in the alternative sector across Europe and we are actively looking for similar opportunities in France.
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 $64 billion of assets in private and public real estate property and debt investments as of Q4 2018. 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.
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