LaSalle sells office and retail property in South Brisbane
SYDNEY September 30, 2015 – LaSalle Investment Management (“LaSalle”) today announced that on behalf of LaSalle Asia Opportunity Fund IV (LAOF IV) it has agreed to sell 153 Stanley Street in Brisbane to a fund managed by AMP Capital for AU$26.3 million.
Located in South Brisbane near the iconic South Bank Parklands, the asset has convenient transport links to surrounding suburbs and to the Brisbane CBD located 1.5 kilometres from the asset. 153 Stanley Street is a boutique office and retail building with a net lettable area of 3,293 square metres extending over three levels. The asset was acquired in December 2014 for LaSalle Asia Opportunity Fund IV as part of a six asset portfolio transaction from Lend Lease.
LaSalle Australia Head of Asset Management, Simon Howard commented, “The divestment of 153 Stanley Street is testament to LaSalle’s ability to identify opportunities, execute on strategy and generate attractive investment outcomes for our capital partners. This transaction represents the second successful divestment from this portfolio and we look forward to returning capital to investors of LaSalle Asia Opportunity Fund IV”.
“Furthermore, we are especially pleased to have secured a major new tenant for this asset pre-divestment, in a particularly challenging leasing market, allowing us to create such significant value for our investors.”
LaSalle Asia Opportunity Fund IV is the fourth in a series of successful opportunity funds launched by LaSalle for the Asia Pacific region, focused on building a diversified portfolio of assets in Australia, China, Japan and South Korea. LaSalle was established in Asia Pacific in 2000 and is now one of the most recognized names in real estate investment management in the region. It currently manages AUD$75.0 billion in real estate assets globally including AUD$2.8 billion in Australia on behalf of a range of separate accounts, clubs and comingled funds.
Colliers International was the broker for the transaction.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit 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.