JLL (NYSE: JLL) has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2025 World’s Most Ethical Companies. For the 18th consecutive year, JLL has been honored for demonstrating exceptional leadership and a commitment to business integrity through best-in-class ethics, compliance and governance practices.  

In 2025, 136 honorees were recognized spanning 19 countries and 44 industries. 

LaSalle is a wholly owned subsidiary of JLL and is proud to share in this achievement.

LaSalle Investment Management (“LaSalle”) has announced a series of additions and enhancements to its European Research & Strategy leadership team, reflecting a deepened focus on its key investor products and an emphasis on driving competitive investment performance.

Dan Mahoney succeeds LaSalle’s newly appointed Global Head of Research & Strategy, Brian Klinksiek, as Head of European Research & Strategy, effective 1 January 2023. He brings over 14 years’ experience as a strategist in the firm’s North America Research & Strategy team, where he helped drive investment performance through a range of successful initiatives, including a focus on LaSalle’s US residential strategies. During that time, he acted as the Research & Strategy team’s chief liaison for several clients and funds. In his new role, Dan will relocate to London and focus on further embedding and enhancing the use of proprietary, risk-adjusted frameworks and analytics to drive investment conviction across debt and equity strategies in Europe. He will report to both Brian Klinksiek and Philip La Pierre, Head of Europe.  

As part of this restructuring, Petra Blazkova has been appointed to the newly created role of Head of Research & Strategy, Core & Core-Plus Capital, Europe. Previously Managing Director within LaSalle’s European Research & Strategy team, Petra was responsible for overseeing Continental European market analysis from the London office. In her new capacity, she will relocate to Munich and work closely with David Ironside, fund manager of Encore+, and Uwe Rempis, fund manager of LaSalle E-REGI, as well as the firm’s separate accounts, supporting the funds’ ongoing strategies and development.

Completing these changes, Dominic Silman has been appointed as Head of Research & Strategy, Debt & Value-Add Capital, Europe. Previously Senior Strategist within LaSalle’s European Research & Strategy team, Dominic will continue to be based in the London office and will work directly with Michael Zerda, Head of Debt & Value-Add Strategies, on the firm’s European debt strategies and recently reconstituted value-add platform. In their new roles, Petra and Dominic will report into Dan Mahoney.

Brian Klinksiek, incoming Global Head of Research & Strategy at LaSalle Investment Management, said: “The breadth and depth of our European Research & Strategy team enables LaSalle to drive forward its best-in-class client offering across Europe. These appointments will help maintain that momentum, underpinning our growing and integrated product mix, and ensuring the ongoing success of LaSalle’s commingled funds and separate accounts. I look forward to continuing to work with Dan, Petra and Dom as the European Research & Strategy team goes from strength to strength”.

Philip La Pierre, Head of Europe at LaSalle Investment Management, added: “Dan, Petra and Dom’s collective experience will be key to our in-house market-leading intelligence and the delivery of competitive investment performance across the full spectrum of our products. They will play a vital role in informing investment decisions and portfolio construction, particularly as we continue to diversify our asset allocation, grow our value-add strategies and build upon our well-established debt series.”

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

Heightened geopolitical risk, persistent high inflation, and a possible recession will place European real estate under acute pressure in H2 2022. However, the asset class is expected to continue to provide longer-term stability for core investors via carefully curated portfolios, as well as offering new opportunity for investors seeking value-add returns – according to the mid-year 2022 edition of the Investment Strategy Annual (“ISA”), the report published by global real estate investment manager LaSalle Investment Management (“LaSalle”).

Europe is facing a macroeconomic environment rendered fragile by supply chain issues, a hot war on the region’s periphery and a squeeze on consumers’ disposable incomes. As a result, LaSalle expects real estate investors to adopt a much more cautious approach in the second half of 2022. However, while inflationary pressures have surged, and interest rates have increased earlier and more quickly than expected, real estate assets can act as a hedge against inflation in cases where landlords have pricing power. Fundamentally, this will manifest for investors with the best assets in the right locations, where supply-demand imbalances underpin rental growth.

Furthermore, in an uncertain environment, investors seeking higher returns can expect to benefit from dislocation and opportunities to repurpose assets. Off-market or value-add opportunities could potentially offset the effect of rising operating expenses, construction costs and interest rates, either through building-specific renovation or repositioning to achieve occupancy improvement or rental uplift. 

Long-term resilience will be underpinned by careful stock selection. Although European real estate markets have been impacted by global headwinds, pockets of opportunity persist for investors across each sector.  

Retail rebound postponed

In retail, the post-Covid recovery has been shaken by the impact of inflation on consumer discretionary spending power. Bricks-and-mortar retail warehouses have, however, remained resilient due to the non-discretionary nature of underlying demand for grocery anchors and their convenience offer. But fundamental challenges for European shopping centres and high-street retail is expected to persist, despite destination shopping continuing to remain an integral part of the retail experience in the long term. We remain optimistic on the outlook for outlet centres, which are set to benefit from increasing consumer frugality.

Office sector ‘trifurcation’

As with retail, the office sector is experiencing occupier and investor needs varying greatly by the quality of asset and micro location. Experientially rich buildings in prime locations that meet sustainability standards and benefit from high-quality amenities will continue to attract demand. In addition, with the pathway to Net Zero Carbon in mind, the age and quality of existing stock in European markets presents an opportunity to create the offices of the future, particularly through refurbishment. However, there is a growing range of older stock which is likely to be stranded and should be sold at – or at times even below – current valuation before liquidity dries up.

Logistics demand story remains intact

Logistics has not been immune to recent market shocks and the ongoing cost-of-living crisis. A slowdown in take-up by major occupiers marks a change from many years of continued expansion. However, LaSalle believes that the sector remains in a robust position to grow in the coming months. European logistics properties recorded the highest demand for new space ever in H1 2022, driven by continuous e-commerce expansion, as well as just-in-case inventories and the nearshoring of some manufacturing activity. As a result, vacancy rates are at historical lows, and we remain confident of future prospects for European logistics rental growth.

Living strategies’ prospects at risk of divergence

The living sectors remain underpinneD by strong demand drivers including robust household formation, growth in key cities, an ageing population, increasing mobility and a structural undersupply across Europe. However, potential home buyers may tilt toward renting, owing to the rising cost of debt. For the more niche living sub-sectors, such as student housing and senior housing, investors will need to be ahead of the curve to take advantage of attractive pricing.

Finding value across the yield spectrum

With the European landscape evolving quickly, assessing the prospect for various sectors requires consideration of assets’ pricing yield levels and income growth potential.

LaSalle’s framework finds that for low-yield sectors with excellent fundamentals, like logistics, prime low-carbon offices in key cities and unregulated residential, valuations will hinge on the potential for and relative magnitude of future rental growth and an upward shift in yields. In low-yielding sectors where inflation cannot be offset by rental growth, caution must be exercised until markets stabilise.

Although higher-yielding sectors with challenged fundamentals are intuitively those in which value may be identifiable, recent concerns around economic growth have made their impact felt. The nascent retail recovery, for instance, is at risk from inflationary pressure on real incomes, while capex-intensive strategies to renovate buildings are affected by rising construction costs. Meanwhile, sectors with relatively higher yields and stronger net operating income growth potential – namely alternative living sectors, such as student accommodation or senior living – continue to remain attractive.

Brian Klinksiek, Head of European Research and Global Portfolio Strategies at LaSalle, said: “The past six months have seen macroeconomic headwinds and geopolitical risk affect the global economic outlook. European investors should therefore exercise caution in the coming months until market valuations and asset pricing stabilise. But despite this, real estate will remain an anchor as other asset classes struggle, and investors look for predictability. Underpinned by the long-term resilience of the asset class, careful portfolio construction across the key sectors of European real estate can continue to deliver the benefits of diversification, stability and long-term income growth for investors.”

Jacques Gordon, Global Head of Research and Strategy at LaSalle, added: “Real estate generally provided shelter during the waves of volatility that swept through the securities markets in the first half of the year. In the second half, we foresee different dynamics unfolding. The big change has been the sharp rise in inflation in Western countries and a “regime shift” from highly accommodative to tightening monetary policies by several central banks. Many world events simultaneously contributed to this inflection point including: the re-opening of economies after COVID-19, Russia’s invasion of Ukraine, trade wars, and government stimulus spending. Although these pressures were building in 2021, there is no escaping the fact that the financial and commodity markets shifted sharply in the first half of 2022. Our guidance for investors to seek inflation protection in real estate is a focus-theme of our mid-year update.”

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

Market direction and economic outlooks have shifted since the start of 2022, with elevated inflation, slowing economic growth, and higher interest rates impacting the real estate market. According to LaSalle’s 2022 Mid-Year Investment Strategy Annual (“ISA”), the overall market shifts are causing real estate investors to re-visit earlier strategies as they understand and react to higher inflation, the Fed’s and the Bank of Canada’s rapid interest rate increases to combat it, and global geopolitical and economic upheaval.  

LaSalle clients can view the full report at: www.lasalle.com/research-and-insights/isa-2020

In North America, the impacts of inflation and rising rates on real estate are nuanced, and require an understanding of each sector’s fundamentals, which the report explores. Coming into 2022, LaSalle Research & Strategy noted that the pandemic and its ensuing economic ripple effects had accelerated pre-pandemic trends, widening the gap between favored and non-favored property types. The mid-year report shows these trends are continuing as investors gravitate to favored property types with strong underlying fundamentals. Looking ahead, there is uncertainty in the market, but it appears as though the favored property types are well-positioned to withstand a potential economic slowdown.

Jacques Gordon, Global Head of Research and Strategy at LaSalle, said: “Real estate generally provided shelter during the waves of volatility that swept through the securities markets in the first half of the year.  In the second half, we foresee different dynamics unfolding. The big change has been the sharp rise in inflation in Western countries and a “regime shift” from highly accommodative to tightening monetary policies by several central banks. Many world events simultaneously contributed to this inflection point including:  the re-opening of economies after COVID-19, Russia’s invasion of Ukraine, trade wars, and government stimulus spending.  Although these pressures were building in 2021, there is no escaping the fact that the financial and commodity markets shifted sharply in the first half of 2022.  Our guidance for investors to seek inflation protection in real estate is a focus-theme of our mid-year update.”
 

Select 2022 Mid-Year ISA findings for North America include:

• In line with the full-year ISA’s prediction, favored property types including industrial, multifamily, medical office and single family rentals continue to have strong fundamentals and outperform on a relative basis. Industrial development and transactions continue as there remains a supply gap and businesses who lease these spaces continue to show they can continue to pay rents, even as they increase. The residential property types also have a strong outlook. As interest rates rise and inflation impacts housing starts, many would-be homebuyers may look to rent.
   
• The debt markets remain liquid, providing the capital needed to finance transactions. While the Mid-Year ISA expects a slowdown in transactions, debt funds, life insurance companies and banks continue to lend to strong, established sponsors. Meanwhile, CMBS issuance has slowed, and higher interest rates mean highly leveraged borrowers are less competitive bidders for property. For borrowers, leverage is less accretive than last year, but many are still using leverage with the belief that future income growth will make leverage accretive to returns over their hold period.
   
• The report also looks at capital flows as barometer of market health, and notes that NAV REITs continue to raise capital, as retail investors start to establish a portfolio allocation to real estate and diversify amid a volatile market environment. While many closed-end funds still have dry powder from previous capital raises, new institutional capital raises appear to have slowed slightly as established investors have reached their target allocations after playing catchup over the last several years.
   
• Transaction volume in the first quarter of the year was higher than the first quarter of the prior year. US transaction volume last quarter was $157.6 billion, 76 percent higher than a year ago. In Canada, USD $10.7 billion traded in last quarter, representing a 71 percent year-over-year increase. The report estimates that pricing has adjusted downward from a peak in the first quarter of 2022 by a range of 0-15 percent depending on market segment, giving back a portion of the gains from the last 12 months. Though second quarter data is not yet available, anecdotally it seems transactions have slowed amidst shifting pricing and broader uncertainty. However, a bid-ask gap has not developed as buyers and sellers have been willing to accept similar price declines.
   

Rich Kleinman, Americas Co-CIO and Head of US Research & Strategy at LaSalle, said, “While it remains to be seen how inflation and interest rates will evolve in the second half of the year, it is our view that many property types are well-positioned to support investor goals in the months ahead, and that real estate exposure should play a productive role in investors’ portfolios. Experience in recent downturns is also helping investors and lenders navigate the uncertainty, which should bode well for the industry as a whole.”

Chris Langstaff, Head of Research and Strategy for Canada at LaSalle, said, “Canada is historically a stable market, and it appears that while many of the same headwinds apply, fundamentals remain strong and transactions in many property types are moving forward.”

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

LaSalle Investment Management (“LaSalle”) today announced that after 28 years of distinguished service and leadership of the Research & Strategy group at the firm, Jacques Gordon has confirmed he will retire from the business at the end of 2022 in to order pursue interests in higher education. He will remain as the Global Head of Research & Strategy through the remainder of this year, and will be succeeded by Brian Klinksiek, LaSalle’s current Head of European Research & Global Portfolio Strategies, effective 1 January 2023.

Brian will continue to be based in London and will join LaSalle’s Global Management committee, reporting to CEO Mark Gabbay. Succession for Brian’s Head of European Research & Strategy role is in process and will be announced prior to his transition to global leadership in 2023.

LaSalle Global CEO Mark Gabbay said, “This transition reflects LaSalle’s continued focus on thoughtful leadership succession, offering both continuity along with fresh ideas to be infused across the organization. We are grateful for the numerous contributions Jacques has provided LaSalle and the broader industry over the course of his career, and look forward to recognizing these accomplishments in the months ahead. Brian’s professional experience positions him well to take on this role, having lived, worked, and covered the real estate markets in North America, Europe and Asia-Pacific.”

After joining LaSalle in 2020, Brian led the reorganization of LaSalle’s European Research & Strategy team from a geography-focused model to a more dynamic pan-European sector-focused model. He has deepened the Research & Strategy team’s integration within the firm’s newly formed European Debt & Value-add platform, and also led the creation of LaSalle’s global investment risk management function. Brian has been a leading industry advocate for the incorporation of climate risk analysis into investment-making decisions, and is a champion for diversity in the workplace, having been appointed Chair of LaSalle’s European Culture of Care committee in 2021.

Brian Klinksiek, incoming Global Head of Research & Strategy said, “It is an honor to be named the next leader of LaSalle’s world-class Research & Strategy team. Jacques has done a remarkable job establishing LaSalle’s reputation for timely insights, accurate forecasts, and impactful strategy that is fully integrated with the investment process. He has been a role model for me throughout my career – even before I joined the firm. I am thankful for his guidance and partnership, and look forward to continuing to seek his counsel as he moves into academia.”

Jacques Gordon, retiring Global Head of Research & Strategy said, “I am grateful for the experiences, insights and friendships I’ve gained during my time at LaSalle. Our Global Research & Strategy team is well-positioned to continue to deliver great value to our clients and investment colleagues around the world, and Brian is the right leader to drive the next phase of innovation and growth. I look forward to seeing the firm prosper as I transition to the next chapter of my career.”

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

LaSalle Investment Management (“LaSalle”) has appointed Rosanna Phillips as Managing Director in its Debt Investments team and Kevin Kong as Director of Acquisitions for Value-Add Investments, adding to the continued growth and expansion of LaSalle Debt & Value-Add Strategies in Europe.

Based in London, Rosanna brings extensive legal experience in commercial real estate transactions. Most recently, she was General Counsel at Intriva Capital, an investment firm focused on asset-backed special opportunities in Western Europe. In that role, she was responsible for overseeing legal matters in relation to the business including legal advice, risk evaluation, structuring and execution. Prior to that, Rosanna spent over 10 years at Linklaters, with a particular focus on European real estate finance, and was seconded to LaSalle in that role.

Kevin joins LaSalle with over 12 years of real estate investment experience. Most recently, he served in UBS Asset Management’s Multi-Managers Real Estate group as a Director, where he led coverage of non-fund investments such as JVs, co-investments and fund formations. Prior to this, Kevin spent eight years at Meyer Bergman, most recently as Senior Vice President for acquisitions, where he was responsible for value-add transactions across Europe. Kevin began his career at Citibank London within the EMEA Real Estate & Lodging team. 

Michael Zerda, Head of Debt & Value-Add Strategies at LaSalle, said: “The addition of Rosanna and Kevin brings a wealth of experience and market knowledge to our growing business, and we are pleased to welcome them to LaSalle. We are excited to continue to build our European debt and value-add equity investing capabilities as we deliver value for our investors.” 

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

LaSalle Investment Management (“LaSalle”) will develop Munich’s first hybrid timber office building, in collaboration with ACCUMULATA Real Estate Group (“ACCUMULATA”). The building is being constructed on behalf of Encore+, LaSalle’s flagship pan-European fund.

Situated on Elsenheimerstrasse in the city’s Westend district, the office building will have a floor area of approximately 16,000 m2. With dismantling of the existing building on site already underway and construction due to begin in the third quarter of this year, the project is scheduled for completion during the first quarter of 2024. Lettings are already being marketed in collaboration with CBRE, the lead estate agent.

Designed by the leading Munich-based architectural firm Oliv Architekten, the asset will provide flexible, multifunctional spaces including a ground-floor café/bistro and landscaped roof terrace, as well as various wellness amenities, including a yoga studio and a relaxation lounge. Tenants will also enjoy bicycle parking, electric charging points and a smart underground car parking facility. Furthermore, the building will provide customisable office units and creative collaboration spaces, ensuring the asset is well positioned for the future.

In terms of its environmental credentials, the project meets the highest sustainability standards across all areas, including construction, materials and operations. Having already received a DGNB “Platinum” precertification, the asset will be constructed using concrete reclaimed from the existing building currently situated at this location. All materials used in construction will be documented in a material passport, showing where and how the various components were sourced and installed, ensuring they can be repurposed at the end of their service life. These measures are projected to reduce embodied carbon by up to 25%.

Embodied carbon will be low at 366kg CO2e/sqm, significantly below the RICS Building Carbon Database (offices) average benchmark of 1291kg CO2e/sqm.

The use of timber in the building’s load-bearing structure will ensure that approximately 1,100 tonnes of carbon will remain stored in the building fabric, rather than emitted into the atmosphere. During the course of the asset’s lifespan, emissions associated with the building’s operation will be reduced by 65% in comparison to a typical office building through the integration of a photovoltaic system, efficient heating, cooling and ventilation systems and the use of a ground water heat pump. The building will also harvest and store rainwater, supplying irrigation systems for the benefit of surrounding green areas.

David Ironside, Fund Manager of Encore+ at LaSalle Investment Management, commented: “This is an industry-leading and best-in-class project. The first of its kind in Munich, its design in accordance with circular economy principles and resource-conserving operation will serve as a benchmark in sustainable real estate. Located in one of the most sought-after office submarkets in Munich, the property will be extremely well placed to meet the ever-evolving demands of future tenants around sustainability, quality, amenities and infrastructure, while providing attractive long-term returns for our investors.”

Markus Diegelmann, Managing Partner at ACCUMULATA Real Estate Group, added: “The start of demolition marks an exciting first step in the development of what will be one of the most sustainable office projects in Munich. At ACCUMULATA, we aim to promote the concepts of urban mining and the circular economy within the construction sector and this project is firmly aligned with this objective. By utilising ultra-high-quality and recyclable materials, we are creating an office building that can meet occupiers’ shifting requirements, both in terms of flexible working environments and sustainability standards.”

Georg Illichmann, Managing Director at CBRE GmbH, said: “As the first hybrid timber office building to be constructed in Munich, the project achieves all the modern-day requirements tenants demand from office buildings: easy accessibility to public transport, sustainability credentials and working spaces that promote communication, creativity and innovation. The building’s use of timber, unique to the Munich office market, will not only support the building’s sustainability credentials but also the wellbeing of occupiers. At CBRE, we are proud to be leading on the marketing of this unique asset and be involved in ground-breaking project in the German real estate market as the lead estate agent.”

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

LaSalle Investment Management (“LaSalle”) has promoted Katie Hynard and Marc Fauchille to Head of UK Commercial Asset Management and Head of Development & Repurposing, Europe, respectively.

In their new roles, Katie will also become the Chair of LaSalle’s newly created European Asset Management Board, and Marc will become one of the Board’s members and lead the specialist European Development and Repurposing platform, a newly created pillar of LaSalle’s European asset management function focused on larger, more complex and higher-return developments.

The new European Asset Management Board will fully integrate LaSalle’s geographical, sector and development asset management expertise across the wide range of European markets and sectors in which it invests – optimising asset performance and managing its portfolio according to the highest Environmental, Social and Governance standards.

The enhanced asset management cross-border capabilities provided by the Board will complement LaSalle’s leading pan-European, full-service client offer and strategic focus on investing in best-in-class assets in growing markets.

Katie has been at LaSalle for 10 years, previously as an Asset Manager and Senior Operations Manager in Europe. She will now be responsible for the management of LaSalle’s commercial sector assets across the UK and, as Chair of the European Asset Management Board, for driving business-wide growth initiatives and delivering efficiencies across the pan-regional asset management strategy.

Since 2019, Marc has served as Development & Asset Management Director at LaSalle for France & Luxembourg. Before joining LaSalle, Marc was a Project & Development Services Associate Director at JLL for 10 years. Marc will now be responsible for supervising development activities across Europe.

Katie and Marc will be joined on the Board by Natalia Kolotneva, Head of Living & Hospitality Asset Management, Europe; Hagen Knaupp, Head of Asset Management, Continental Europe (excl France); and Loïc Sanières, Head of Asset Management, France.

Both Katie and Marc, and their fellow Board members, will report into Beverley Kilbride, Head of Transactions & Asset Management, Europe, at LaSalle.

Katie Hynard, Head of UK Commercial Asset Management at LaSalle, said: “The creation of the European Asset Management Board is a game-changer in terms of offering our clients a fully integrated asset management function across all our markets and sectors in the region. I am therefore very proud to have been appointed Chair, as well as taking on the role of Head of UK Commercial Asset Management. I am really looking forward to working with my colleagues in the UK and on the continent to build upon our proven success and expertise as we strategically leverage our asset management platform to support our growth aspirations across Europe.”

Marc Fauchille, Head of Development & Repurposing, Europe at LaSalle, added: “It is a privilege to lead the European Development and Repurposing platform at LaSalle. I am excited to continue working with colleagues on challenging and high-quality development and repurposing projects that drive stellar returns for our clients.”

Beverley Kilbride, Head of Transactions & Asset Management, Europe at LaSalle, commented: “These promotions and the establishment of the European Asset Management Board position us to maintain and extend our track record of acquiring, developing and managing best-in-class assets in premier locations across Europe. Katie and Marc, with their fellow Board members, will further strengthen our asset management capabilities across all sectors and I look forward to working with them to deliver value for our investors.”

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

LaSalle Investment Management (“LaSalle”) has completed the acquisition of ‘Lacus Quartier’ in Berlin on behalf of the pan-European LaSalle E-REGI fund.

LaSalle signed to acquire the new development from BUWOG in December 2020. The scheme opened its doors to residents for the first time in May 2021 and, following its first 12 months in operation, it has now achieved a 94% occupancy rate, demonstrating the strength of the asset’s offer and location to residents seeking high-quality rental homes in Berlin’s Weißensee district.

The scheme includes 230 high-quality apartments, between 35 and 113 m2 in size, and 88 of the units have a balcony or terrace. Car parking spaces and several e-charging stations are located in the building’s underground garage, and bicycle parking is available outdoors. The courtyard offers a plethora of leisure facilities for families such as a playground, table tennis and a racetrack for children. The property is managed by MVGM.

The neighbourhood is located in the up-and-coming district of Berlin-Weißensee between Gäblerstrasse, Gustav-Adolf-Strasse and Schmohlstrasse within Pankow, the capital’s most populous district. Weißensee benefits from a quiet and family-friendly environment, good public transport links and close proximity to the popular and steadily growing district of Prenzlauer Berg. A population increase of more than 10%[1] is expected for the entire Berlin-Pankow district by 2030.

Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, commented: “This acquisition marks a significant milestone for LaSalle E‑REGI, providing a strategic foundation to further growth in the residential sector for the Fund. We continue to deliver on our strategy to diversify the Fund’s sector allocation with best-in-class assets, prioritising the strongest cities across Europe, which will provide long-term stable income for our investors.”

Antonia Muelsch, Head of Transactions, Germany, at LaSalle, added: “As evidenced by Lacus Quartier’s high occupancy rate in such a short space of time, this market is experiencing strong demand of high-quality rental homes. With its diverse mix of one- to four-bedroom apartments, sophisticated amenities and excellent location, Lacus Quartier is attractive to a wide variety of resident demographics such as families, singles and older residents, and is set to provide secured and sustainable income for the Fund into the future.”

LaSalle was advised by Mayer Brown LLP (Legal), Witte Projektmanagement (Technical), KPMG (Tax) and CBRE (Buy-Side-Advice). Luther LLP (Legal) and BNP Paribas Real Estate GmbH (Transaction Broker) acted for the seller.

[1] Source: StatisticsDepartment Berlin-Brandenburg 2013/2019 / Report on population forecast for Berlin and the districts 2018 –2030

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 $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. 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.

JLL (NYSE: JLL) has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2022 World’s Most Ethical Companies. For the 15th consecutive year, JLL has been honored for demonstrating exceptional leadership and a commitment to business integrity through best-in-class ethics, compliance and governance practices. 

In 2022, 136 companies from 22 countries and 45 industries were honored. Of these, JLL is one of only four honorees in the real estate industry and one of only 12 that have been on the list 15 times or more.

LaSalle is a wholly owned subsidiary of JLL and is proud to share in this achievement.

Read more about this award on JLL.com

LaSalle Investment Management (“LaSalle“) has acquired the logistics property ”The Plus” in Bielefeld, Germany, for the French public service additional pension scheme (ERAFP). The vendor is Real I.S. AG.

Completed in 2008 and expanded in 2011, the property comprises a total area of around 31,200m2. It is divided into approximately 27,200m2 of state-of-the-art warehouse and handling space, with a total cross-docking capacity of 10,000m2, as well as 4,000m2 of office space.

Located in the east of Bielefeld, North Rhine-Westphalia, the warehouse is leased on a long-term basis to the transport and logistics company Kühne + Nagel. It benefits from excellent connections to the A2 freeway with surrounding cities including Hanover and Kassel. As well as this, the Ruhr area and the Dutch border can be reached in less than 120 minutes by car. Due to its strategically attractive location, the surrounding business park is home to numerous international companies from the industrial, logistics, wholesale, retail  and service sectors.

Mathias Malzbender, Fund Director & Head of Separate Accounts Continental Europe at LaSalle, comments: “We are delighted to have overseen the successful acquisition of this high-quality and well-situated property for our investor in a region which has experienced strong employment growth recently, as well as the significant development of this business park. ‘The Plus’ is perfectly aligned with the portfolio’s investment strategy and represents the high quality and reliability of this separate account to secure long-term and sustainable returns.”

LaSalle was advised on the transaction by Clifford Chance Deutschland LLP (Legal & Tax), Drees & Sommer (Technical, Sustainability) and BNP Paribas Real Estate (Buy Side).

Real I.S. was advised on the sale from a legal and tax perspective by the law firm Norton Rose Fulbright LLP and from a commercial perspective by CBRE GmbH. Brand Berger was active on the technical side.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle has completed the purchase of a state-of-the-art logistics warehouse in the Rhine-Neckar metropolitan region, located in Ladenburg east of Mannheim in south-west Germany. The warehouse was acquired as a forward-funding deal from PGIM Real Estate and Panattoni on behalf of Encore+

The logistics property, which was completed in the summer of 2021, comprises a total of 56,864m² of multifunctional space. This extends over three units, ranging from 8,000 to almost 23,000m², which can be further divided up.  Developed with the highest standards of sustainability, the property produces part of the energy required for its running via a photovoltaic system on the roof; this provides a habitat for the locally native lizards. The lighting is provided exclusively by LED technology, and charging stations for electric vehicles have also been installed on the site. The buildings have been developed according to the DGNB Gold standards. In addition, the award of the platinum certificate has already been applied for.

The property is leased on a long-term basis to the sole user Neska Schifffahrts- und Speditionskontor. The logistics service provider is a wholly owned subsidiary of Häfen & Güterverkehr Köln (HGK).

Ladenburg is strategically located in one of the most sought-after logistics submarkets and economically strongest regions in Germany, where numerous listed corporations, small and medium-sized companies and start-ups are located. With its proximity to the major motorways of the A5, A6 and A67, connecting to the national rail network as well as to the rivers Rhine and Neckar, the location ensures excellent accessibility of important container terminals. With the inland ports of Mannheim and Ludwigshafen, the Rhine-Neckar region is an important shipment point, especially for the chemical industry, as well as being close to Frankfurt Airport.

David Ironside, Fund Manager for Encore+ at LaSalle, comments: “With this acquisition, we are increasing our allocation to the logistics sector – a segment that plays an important role in our long-term planning, not least thanks to its resilience to crises. This is because the German logistics market is on an upward trend. I am pleased for our investors that we have succeeded in acquiring this property for Encore+. Due to the long-term letting, the multifunctional space use possibilities as well as the state-of-the-art equipment, the property fits perfectly into our fund portfolio.”

Andreas Wesner, Head of Transactions Northern Continental Europe at LaSalle, adds: “The property is excellently located in an environment with scarce logistics space. The Rhine-Neckar metropolitan region is one of the strongest business locations in Germany and is also an important logistics market. As a result, the vacancy rate is low and the supply of space sizes for comprehensive ambitious projects is very limited, which is reflected not least in above-average rising rental prices. An excellent starting point from which the property as well as our investors will benefit sustainably.”

LaSalle was advised on the transaction by Hogan Lovells (Legal & Tax), Gleeds (Technical), BrandBerger (Construction Monitoring) and CBRE (Buy-Side). The property was marketed by Colliers.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle announces that it has acquired a residential development in Berlin on behalf of the LaSalle E-REGI fund (“the Fund”). The project, named ‘Lacus Quartier’, is a development with 230 units. It was acquired from BUWOG and will be completed in April 2021.

The development is located in a quiet and family-friendly part of the improving Weißensee district in Berlin-Pankow. The area benefits from its proximity to the popular Prenzlauer Berg district and its expansion over recent years. It is one of the fastest growing districts in Berlin, with forecast population growth of more than 10 per cent by 2030.

LaSalle was advised by Mayer Brown LLP (Legal), Witte Projektmanagement (Technical), KPMG (Tax) and CBRE (Buy-Side-Advice). The seller was advised by Luther LLP (Legal) and BNP Paribas Real Estate GmbH (Transaction Broker).

Uwe Rempis, Managing Director and Fund Manager for LaSalle E-REGI, said: “This acquisition is in line with the Fund strategy to diversify its sector allocation by focusing on residential, thus generating a long-term stable income stream for the Fund. The Fund is prioritising investments in the strongest cities across Europe and this newly developed asset in Berlin is the perfect foundation to grow its residential exposure.”

Andreas Wesner, Head of Investment Germany, said: “We are very pleased to have been able to implement the Fund’s strategy to increase the residential allocation in the portfolio last year. Residential will remain an important part of our investment strategy in 2021 and following the acquisition of Lindenstrasse in Berlin in September 2020, we have now been able to further strengthen our residential track record with the ‘Lacus Quartier’.”

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

JLL (NYSE: JLL) has been again named to Fortune magazine’s World’s Most Admired Companies list. The list is a major authority on corporate reputations compiled each year by Fortune and Korn Ferry through a survey of 3,820 executives, directors and securities analysts. This year, JLL was recognized for social responsibility, global competitiveness and quality of management. 

“JLL’s purpose is to shape the future of real estate for a better world, working in close partnership with our clients and all our stakeholders,” said Christian Ulbrich, JLL CEO. “We are therefore very proud to again be included on Fortune’s list of the World’s Most Admired Companies.” 

LaSalle is a wholly owned subsidiary of JLL and is proud to share in this achievement.

Read more about this award on JLL.com

LaSalle has acquired a modern residential asset in the centre of Berlin on behalf of the Encore+ Fund. This is the first residential investment since the inception of Encore+ in 2006.

This is Encore+’s first residential investment and is a result of the Fund’s strategy to increase its exposure to alternative assets, particularly in the strongest Western European cities. Berlin has seen a major uplift in demand as the city’s status has risen in recent years, driven by its success as a hub for digital and creative industries as well as the expansion of Government departments returning to the City. Furthermore, it was recently ranked the world’s most liquid commercial property market.

Located at Lindenstrasse 73-75b, the residential asset was constructed in 2014 and consists of approx. 200 units, each with a balcony or a terrace, and offers underground parking. It is centrally situated in Berlin’s popular Kreuzberg district, one of the most attractive and lively neighbourhoods in the city with a mix of offices, retail, gastronomy, and cultural attractions. The asset lies in an excellent location, only a short walking distance from Gendarmenmarkt and Checkpoint Charlie.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “We are really happy to continue our asset typology diversification thanks to this acquisition. This is an exciting first residential investment that will provide Encore+ with long-term stable income. Berlin’s residential market is highly liquid and offers a very beneficial supply/demand dynamic, with current supply covering less than 1 per cent of actual housing demand.

Andreas Wesner, Head of Investment for Germany at LaSalle Investment Management, said: “This is the ideal first residential investment for the Fund since it is a modern building in an excellent location in Berlin. In the past months we were refining Encore+’s investment strategy in the residential segment and Lindenstrasse 73-75b fulfils all our targeted criteria. The asset is a great starting point for building up a portfolio of similar assets for our investors.

LaSalle was advised on this transaction by Mayer Brown LLP (Legal), Arcadis (Technical), CBRE (Buy side) and Cushman & Wakefield (Valuation). The seller was advised by Greenberg Traurig LLP (Legal) and Colliers (Transaction Broker).

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has advised its pan-European fund Encore+ on the acquisition of two hotel properties in Munich from Commerz Real.

The site is located in the economically vibrant north of Munich, within one of the fastest-developing micro locations in the city, with several commercial and residential developments, including the planned Knorr-Bremse area development. The site comprises both an Ibis budget and Adagio access hotel with a total of 322 rooms, c.10,000m² of rental space and direct public transport links with the metro to Munich city centre.

Munich is a leading business destination in Western Europe, the third largest German city with 1.54 million inhabitants and the fastest-growing city in Germany. It is also one of the leading tourist destinations in Europe, having received 8.2 million visitors in 2018.

The acquisition is the first hotel investment for Encore+, following its strategy to further diversify the fund by acquiring alternative assets, notably leased hotels in the strongest Western European cities. The Munich hotel market is a national leader in terms of Average Room Rates, Revenue Per Available Room (RevPAR) and adherence to LaSalle’s proprietary “DTU+E” criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment. It follows the Fund’s prior acquisitions in Munich of Westend Yards in March 2019 and the ElseBella portfolio of two office properties in December 2018.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “We are delighted to have made this acquisition. Munich is a leading European business and tourist hub. The site has excellent public transport and an outstanding track record. Munich has higher occupancy rates than the average German budget market and is growing rapidly. Our investment adds both diversity and exposure to Munich’s hotel market, offering returns to complement the portfolio.”

Andreas Wesner, Head of Investment for Germany at LaSalle Investment Management, said: “This is our first move into the alternatives market, and an important acquisition for Encore+. The assets have a particularly resilient track record in a hotel market benefiting from strong tailwinds, where the key performance metrics already surpass the national average. We’re very pleased to have been able to complete this acquisition on behalf of our investors.”

LaSalle worked on the transaction with Greenberg Traurig (Legal & Tax), Arcadis (Technical), Knight Frank (Valuation) and Colliers International (Buy-Side Advice). The seller was advised by CBRE and Taylor Wessing (Legal & Tax).

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has announced the acquisition of the prime office building Morrow in Frankfurt’s Westend. The purchase agreement has been signed on behalf of the LaSalle E-REGI fund (“the fund”), with closing in July 2020. LaSalle has acquired the asset from Projektentwicklung Oberlindau GmbH, a joint venture between Art-Invest Real Estate and Red Square.

Morrow, which is currently undergoing a core refurbishment that is scheduled for completion in July 2020, offers over 7,000 m² of lettable space across 11 floors. Its six terraces starting on the fourth floor, offering a unique view of the Frankfurt skyline, are a key feature of the building.

The property is located in Frankfurt’s Westend, one of the city’s most sought-after residential and business districts, in the immediate vicinity of Rothschild Park and the CBD, the centre of Germany’s financial services sector. Morrow has excellent public transport connections: Frankfurt Central Station is less than 10 minutes away by car and Frankfurt Airport less than 20 minutes.

Morrow is recognised by DGNB, the German Sustainable Building Council, as being developed to the highest possible sustainability standards and is set to receive a DGNB Platinum certificate as well as a WiredScore certificate.

Uwe Rempis, Fund Manager of the LaSalle E-REGI fund at LaSalle, said: “The acquisition of Morrow once again demonstrates the success of our forward-looking investment strategy. For the LaSalle E-REGI fund, we are focusing on logistics and, above all, on office investments in Germany’s top cities which offer the greatest potential for economic growth in the long term. This forward deal secures the fund a repositioned core property with attractive risk-adjusted return prospects for our investors.”

Andreas Wesner, Head of Acquisitions for Germany at LaSalle, added: “This is a promising acquisition for the LaSalle E-REGI fund in one of the most stable office markets in Europe. The vacancy rate in Frankfurt is at its lowest level in 20 years, while the development pipeline is limited. Brexit will further enhance the demand: global financial institutions and service providers will increasingly look for first-class office space outside of London. On this basis, we expect the overall demand to grow in the coming years and thus a secure long-term income stream for Morrow as well. The refurbishment will significantly improve the quality of the building and thereby increase its attractiveness for new tenants.”

Stephen von der Brüggen, Partner and Head of the Frankfurt office of Art-Invest Real Estate, said: “With its excellent location and high-quality development, Morrow will impress both the property’s tenants, which include McDermott and Andersen Tax & Legal, as well as investors. We are delighted to have found an excellent buyer for our property in LaSalle Investment Management and would like to thank them for the swift and smooth transaction.”

Gerald Tschörner, Managing Director of Red Square, commented: “The revitalisation will allow Morrow to be repositioned and bring the property back to life. The flexible floor plans and highest technological standards equip the building perfectly for tenants’ ever-changing needs. Morrow will be a place that offers its users a modern, innovative and sustainable workplace that promotes a healthy working atmosphere.”

LaSalle was advised on the acquisition by Linklaters (legal) und W+S Real Estate (technical). Art-Invest Real Estate and Red Square were advised by GSK Stockmann. The broker was CBRE.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces the acquisition of a logistics development in western Germany on behalf of LaSalle E-REGI via LaSalle’s regulated platform in Germany. The asset has been acquired from the German logistics subsidiary of a Cologne-headquartered online retailer, in a sale-and-leaseback transaction.

The logistics property is a high-quality new-build development, which was completed in September 2019. It has a total area of over 44,000m2. The asset is currently single-let to a logistics subsidiary on a 10-year term and will serve as the tenant’s European logistics headquarters.

The property is located in Euskirchen in the greater Cologne region of North-Rhine-Westphalia, Germany’s largest state by population. It is situated 30km from Bonn, 40km from Cologne and 70km from Aachen and is well connected to the major A1, A61 and A565 highways which form an integral part of the regional motorway network.

Uwe Rempis, Fund Manager at LaSalle Investment Management, said: “We’ve been steadily increasing LaSalle E-REGI’s exposure to the logistics sector to capitalise on the strong tailwinds provided by the continued growth of e-commerce and online retailing. With the large population of the greater Cologne region served by a relatively low and constrained supply of modern logistics properties, this investment in a state-of-the-art facility in Euskirchen will offer our investors stable long-term returns and attractive yield.”

Andreas Wesner, Head of Acquisitions for Germany at LaSalle, said: “This is a very well-located asset in an area with scarcity of available logistics space. Due to its long-term lease structure and high flexibility in regards of third-party usability, this is an excellent fit for LaSalle’s pan-European fund and highlights our ability to source high-quality assets.”

LaSalle was advised by Pinsent Masons (legal), Gleeds (technical), Colliers (commercial) and Knight Frank (valuation).

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle is pleased to announce that its German business, LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH (KVG), has appointed Roberto Carrera to the role of Managing Director. The KVG was founded in 2010. The KVG manages €4.8 billion in AUM as of June 30th 2019.

The Board of Managing Directors of the KVG now consists of the following three Managing Directors: Roberto Carrera, Uwe Rempis and Stefan Pelkofer. These responsibilities, in turn, are divided as follows; Uwe Rempis is responsible for overseeing all matters relating to Fund Management and Investment; Stefan oversees Finance, Risk Management, Compliance and HR matters and Roberto will oversee Asset Management, Financing and Public Relations.

Roberto is the European Head of Financing, based in Munich, having been with LaSalle since 2012. Since then, he has overseen €6.7 billion of borrowing and debt arrangements for LaSalle across multiple European jurisdictions, several asset classes and investment styles. He has over 20 years of experience in corporate and commercial real estate finance across Europe, having worked in Paris, Madrid and Munich.

Jamie Lyon, the Chairman KVG Supervisory Board at LaSalle, said: “I am delighted to announce that Roberto has joined the Board of the KVG. His experience across multiple European jurisdictions will be invaluable to the business and underlines LaSalle’s commitment to its KVG business and its importance within our European platform.”

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

Long-term leased asset for the open-ended pan-European real estate fund LaSalle E-REGI KONTOR is part of the development project “Wirtschaftswunder” in central location

LaSalle has acquired the KONTOR office building in Berlin on behalf of LaSalle E-REGI. The seller is PW Real Estate Fund III, a real estate fund affiliated with Aermont Capital.

KONTOR is centrally located in Berlin-Schöneberg between Potsdamer Platz and City West and is leased on a long-term basis to the agricultural seed producer KWS. The building is part of the commercial ensemble “Im Wirtschaftswunder” by Aermont Capital in collaboration with Pecan Development. The building offers almost 10,000m² of leasable space over seven floors and two roof terraces. The KONTOR is currently undergoing fundamental renovation with completion scheduled for the end of 2019. After the renovation, all rented spaces will meet industry standards for high-quality building technology.

“Im Wirtschaftswunder” is being created as construction and revitalization project with c. 33,000 sqm leasable space at the former Commerzbank property at Potsdamer Straße. In addition to KONTOR the ensemble comprises also FORUM and the new building ZENTRALE, which shall function as the new German headquarters of Sony Music Entertainment.

The Berlin office market is the fastest developing office market in Germany. It has grown by more than 15 per cent since 2012. The demand for such properties is robust and is expected to further develop positively in the coming years. The vacancy rate has been declining for at least a decade and is currently at an all-time low of 1.4 per cent.

Uwe Rempis, Fund Manager of LaSalle E-REGI, says: “The Berlin office market is likely to remain friendly to long-term investors. Despite intensive construction and development activity, the total number of space is predicted to rise by 2 per cent in 2019 alone and we see no signs of easing. Therefore, we also expect a positive development in rental income for our investors. The property thus fits perfectly into our strategy, which focuses on investments in core locations in major European cities and capitals”.

LaSalle E-REGI is an open-ended pan-European real estate fund that aims to generate stable income return from a diversified core portfolio (office, retail, logistics) 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. The Fund also includes additional screening filters such as JLL`s Global Real Estate Transparency Index and minimum market size.

LaSalle was advised by Mayer Brown LLP (legal); Gleeds (Technical); Howden (insurance broker); Liberty (Insurance for W&I); Knight Frank (valuation) and Savills (buy-side). Aermont and Pecan were advised by Greenberg Traurig Germany LLP. BNP and Colliers have acted as transaction brokers in the process.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle has advised on the acquisition of a highly visible office building located in Hamburg`s City South, Hamburg´s second largest office submarket, located adjacent to the CBD on behalf of the Encore+ fund.

Economic Quarter is a newly-refurbished, highly visible office spread over 28,000m² and ten floors. It also comprises a showroom for Mercedes Benz. City South is currently one of the fastest developing submarkets and is emerging as a major business location, attracting a wide range of companies from the financial, consulting and IT sectors as a headquarters location. The area provides excellent public transportation and amenities. The overall quality of this important market has also profited from recent large-scale residential developments, turning City South into a more lively and attractive location.

The total office take-up in Hamburg has been strong and steadily increasing over the last decade. Hamburg’s vacancy rate has been decreasing since 2015 and is approaching a five-year low. At the end of Q2 2019, modern office space available for immediate leasing amounted to 398,000m² in Hamburg, which constituted 2.9% of the total stock.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “I am delighted that we have agreed to acquire the Economic Quarter, which fits well within Encore+’s strategy to acquire asset high quality properties in major cities in Western Europe. Hamburg is a new market for Encore+ and one of the top German office markets, providing further diversification within Germany. The high quality of the tenants provide secure income in this asset, in a location with excellent access and in addition the opportunity to capture rental uplift.”

LaSalle was advised by Mayer Brown (Legal&Tax); Drees & Sommer (Tech); Linklaters (Antitrust legislation); Howden (Insurance Broker); Liberty, Lloyds (Insurance); Colliers (Buy-side adviser); Colliers (Valuation); and CBRE (RCA Report).

The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has sold the property Torstrasse 15 to the City of Stuttgart. The almost fully occupied property was part of the portfolio of the LaSalle E-REGI.

• Multi-tenant property has a gross lettable area of 6,313 sqm
• Central and strategically advantageous location near the Stuttgart town hall
• Buyer State Capital Stuttgart will be the future main user

Raised in 1989 for the private bank Ellwanger & Geiger, and currently used predominantly as office accommodation, the six-storey building has a gross lettable area of 6,313 sqm and 49 underground parking spots. Located in a prominent downtown corner position on Torstrasse and the B14 federal route, near the town hall and the main shopping district along Königstrasse, the property benefits from excellent connections to public transportation. The current main tenant of the customizable multi-tenant building (including office, retail and restaurants) is the Barmer GEK health insurance.

The property was acquired by LaSalle in early 2017 for its open-ended pan-European real estate fund LaSalle E-REGI. The fund with a current AUM of ca. €710 million 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-turn.

Uwe Rempis, Fund Manager of LaSalle E-REGI , said: “The disposal is an excellent example for active fund management and reflects that opportunistic strategies can be successfully employed to generate profits. During its holding period, Torstrasse 15 generated highly satisfactory returns for our fund. The market in Stuttgart is currently demand-driven. The city, being one of the most attractive office locations in Germany and indeed Europe as a whole, has a low vacancy rate and limited options to expand because of its topography. In this situation, selling the property to the City of Stuttgart was the right decision in the best interest of our investors. Seizing opportunities to sell for the benefit of our investors has been part of our strategy for the LaSalle E-REGI fund for a long time: As early as 2014, we took advantage of a similar opportunity with the disposal of the Junghofstrasse asset in Frankfurt.”

LaSalle was advised by Beiten Burkhardt (Legal). E & G Real Estate acted as advisor to the buyer.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has acquired a logistics and a wholesale property located in Heppenheim, Germany, for its LaSalle E-REGI fund. LaSalle has bought the assets from three private vendors.

The assets comprise a motorway logistics property and a retail property, both of which are fully let to prestigious international tenants. The former, a state-of-the-art new-build distribution facility acquired from GbR Biskupek-Scheinert-Klotz, has a rental area of over 18,000m2 and is leased exclusively to Henry Schein, the global medical product distributor. The latteris a wholesale property with over 5,000m2 rental area that was purpose-built for MetroGastro, its sole tenant and a subsidiary of Cash & Carry operator Metro group.

Located in Heppenheim, south of Frankfurt, the two assets sit between two metropolitan regions – Frankfurt/Rhine-Main and Rhine-Neckar – with a combined population of over 8 million. The properties benefit from strong transport links, including Europe’s leading freight airport in Frankfurt, less than a half-hour’s drive away; the nearby Mannheim-Handelshafen container terminal, Europe’s second largest inland port with rail and river connections to European business and transportation centres; and the major A5 and A67 highways.

Uwe Rempis, Fund Manager at LaSalle Investment Management, said: “With the long-term growth of e-commerce continuing to drive an increase in demand for well-located logistics assets, we have been seeking opportunities to further increase the LaSalle E-REGI fund’s allocation to the logistics sector. These assets are modern and attractively situated, fitting our criteria and offering further sectoral diversification to our investors. We are pleased to have acquired two properties that offer stable long-term rental income secured against high-quality tenants in market-leading positions.”

LaSalle worked on the transaction with Knight frank (Broker), Taylor Wessing (Legal), Gleeds (Technical & Environmental), Wuest Partner (Valuation), KPMG (Tax) and JLL (Buy-Side Advice).

The LaSalle E-REGI fund is an open-ended pan-European real estate fund that aims to generate stable income return from a diversified core portfolio (office, retail, logistics) 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. The Fund also includes additional screening filters such as JLL`s Global Real Estate Transparency Index and minimum market size.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle has acquired Westend Yards, a Munich office property, on behalf of the Encore+ fund, its Pan-European core fund.

Westend Yards is a six-storey office building with a net lettable area of over 31,000m², situated on Hansastrasse in Munich’s Westend district, a major office location adjacent to the CBD with strong public transport and road connections. The property is currently fully let to multiple tenants, including the Fraunhofer Institute, Europe’s largest organisation for applied research and development services with over 25,000 employees. In the long term, LaSalle will explore options for refurbishing or redeveloping Westend Yards to increase the total rental area and upgrade amenities.

The proposed acquisition would increase the Encore+ exposure to the Munich office market by ca. EUR 134 Million, which is a national leader in terms of demand, low vacancy and adherence to LaSalle’s proprietary “DTU+E” criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment. It follows the Fund’s acquisition of the ElseBella portfolio of two office properties in Munich for €169 million in December 2018. With Else also located in the Westend district, 750 metres away on the adjoining Elsenheimerstrasse, Westend Yards represents a second investment for the fund in a submarket subject to particularly high take-up levels and limited immediate and future supply.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is another important acquisition for Encore+ that extends our strategy of increasing the fund’s exposure to the German office market, which we regard as one of the most attractive in Europe in terms of the supply-demand dynamics. Like the ElseBella office portfolio that we recently acquired, Westend Yards is a particularly well-located property which stands to benefit from Munich’s leading take-up and low vacancy rates – even relative to Germany as a whole – and therefore sustainably appreciate by capturing future rental growth. We are pleased to have secured another asset that we expect to deliver strong and stable returns to our investors in Encore+.”

LaSalle worked on the transaction with Hogan Lovells (Legal & Tax), Drees und Sommer, BrandBerger (Technical & Environmental), Colliers International (Valuation), Howden (W&I Insurer) and JLL (Buy-Side Advice & Property Management).

The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns. 

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.

LaSalle has acquired ElseBella, a portfolio of two office properties in the Westend and Arabellapark districts of Munich, on behalf of the LaSalle Encore+ Pan European Fund from AXA Investment Managers for €169m.

Else comprises two office buildings with a combined rental area of over 25,000m² situated on Elsenheimerstrasse in Munich’s Westend district, a major office location adjacent to the CBD, with outstanding public transport and road connections. Bella is a seven-storey office building with a lettable area of over 15,000m² located in the heart of Arabellapark, one of Munich’s most popular and established office submarkets to the north-east of the CBD. Both properties are let to multiple tenants and Else has potential for redevelopment.

The Munich office market is a national leader in terms of demand, low vacancy and adherence to LaSalle’s proprietary DTU+E criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment. Within this market, the Westend and Arabellapark submarkets are subject to particularly high take-up levels and limited immediate and future supply.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is an exciting acquisition for Encore+ that increases the fund’s exposure to the German office market whilst also meeting the fund’s criteria of investing in assets in attractive locations with fundamentals which we believe have the potential to underpin future rental growth. With Munich currently exhibiting some of the highest take-up and lowest vacancy rates in Germany, we expect these properties in two of the city’s most established office submarkets to deliver strong and stable returns for Encore+ investors in the long term.”

LaSalle worked on the transaction with Linklaters (Legal/Tax), Unicredit (Lender), JLL (Technical, Non Rec’s & Buy-Side), Howden (W&I Broker), Ambridge (W&I Insurer), Oliv Architekten (Architect) and CBRE (Valuation). AXA Investment Managers was advised by Colliers (Broker), Möhrle Happ Luther (Legal), BrandBerger (Technical) and Sabine Houben (Tax).

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+ is part of MSCI’s Pan-Europe Property Funds Index (PEPFI) and it was recently announced as the best performing fund in the Index for 2017 on both a one- and five-year basis.

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 $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. 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.