LaSalle’s Encore+ Fund commences development of Tigery logistics site in France
PARIS (January 17, 2019) — LaSalle announces the commencement of the development of a logistics project in Tigery, France, subsequent to the acquisition of the plot by LaSalle’s Encore+ Fund. The development is scheduled for completion in Q4 2019.
The state of the art logistics warehouse is being constructed on a speculative basis and will have ca. 33,500sqm. The site is located within the Sénart logistics hub, the largest in the Paris region and second largest in France, comprising 1.4 million sqm. Located 37 km southeast of the capital, the Tigery site is close to Orly airport and benefits from excellent road access to both Paris and the southern cities of France via the Francilienne Ring Road and the A5 motorway. LaSalle will work in partnership with French developer JMG on the delivery of the logistics facility.
The Tigery development was agreed as part of a portfolio project signed with JMG in January 2018, which also included the development of a second site in the Isle D’Abeau, near Lyon, the largest logistics location in France. The development of the Isle D’Abeau site was completed in August 2018.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “We’re delighted to be making progress towards the delivery of a second Grade-A French logistics site in an excellent location, following the agreement for a portfolio development project that we struck with JMG last year and the completion of the Isle D’Abeau asset last summer. The Tigery site shares the same strong fundamentals of solid take-up, low vacancy rates and scarcity of quality supply as our property outside Lyon, offering further attractive portfolio diversification.”
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. Encore+ has been a leading Fund in MSCI’s Investment Property Databank (IPD) Pan-Europe Property Funds Index (PEPFI) in terms of performance and it was recently announced as the best performing Fund in the Index for 2017 on both a one- and five-year basis. LaSalle assumed sole responsibility for the management of the Fund in late 2018.
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.