LaSalle fund sells iconic hotel in Sydney CBD
16 June 2014 - LaSalle Investment Management, a leading global real estate investment manager, is pleased to announce that on behalf of LaSalle Asia Opportunity Fund III, a LaSalle-sponsored fund, it has agreed to sell its 100% shareholding interest in Sofitel Wentworth Sydney to Frasers Centrepoint.
Located in the financial heart of the city’s CBD, Sofitel Wentworth is Sydney’s ‘grande dame’ hotel, offering 436 five-star guest rooms and 45 luxury suites. It is surrounded by Sydney’s premium office buildings and is well positioned to capture surrounding corporate clients, both for accommodation and meetings needs.Marc Montanus, Fund Manager & International Director at LaSalle, commented, “The divestment of Sofitel Wentworth comes at a time when hotels in Sydney boast some of the most attractive market fundamentals in the region, thanks to increasing inbound tourism and ongoing corporate demand.” “LaSalle saw an opportunity to acquire an iconic CBD asset at an attractive income yield and was able to substantially improve its performance through a range of revenue initiatives, expense management, and selective upgrades and refurbishment of the hotel. This active approach, coupled with the strong recovery we’re experiencing in the capital markets, has enabled our fund to exceed its investment objective.”LaSalle is one of the world’s leading real estate investment firms with over 30 years of experience investing in private and public real estate through a complete range of investment vehicles. In Asia Pacific, it has US$4.8 billion of assets under management and operates seven offices in the region.
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.
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.