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 DEI in the workplace, having been appointed Chair of LaSalle’s European DEI 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”) 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.

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”), the global real estate investment manager, has acquired a logistics campus in Venlo, the Netherlands, on behalf of Encore+, the firm’s flagship continental European open-ended fund.

Located in the Tradeport logistics hub in Venlo, the Netherlands’ largest logistics market and a key gateway for the European consumer goods market, the campus is situated at the intersection between the major A67 and A73 highways and is easily accessible via the Hutchinson rail terminal as well as the barge terminal. These direct connections by rail, road and river barge allow quick and easy distribution to Germany, Belgium, and France as well as other parts of the Netherlands. Venlo’s logistics market is characterised by high demand and limited supply and has consolidated strongly during the last five years.

The logistics asset currently comprises eight high-quality warehouse units and an additional warehouse which is under construction is set to be delivered by Q4 2022. This new logistics facility will have a total area of 74,000 m² and will include cutting-edge technical specifications, and strong sustainability features such as LED lighting and solar panel roofing.

David Ironside, Fund Manager for Encore+ at LaSalle, said: “The purchase of this logistics campus in Venlo on behalf of Encore+ expands our footprint in one of the most important logistics markets, not only in the Netherlands but also all of continental Europe. Having already invested in an asset in the area, we are convinced of the market’s increasing importance and potential for continued long-term growth, facilitated by outstanding domestic and international transport links.”

Jérôme Hamelin, Head of Transactions, Western Continental Europe at LaSalle: “This purchase exemplifies our investment strategy of targeting prime logistics assets in Europe in sought-after and top-of-the-range markets. The combination of strong ESG credentials, state-of-the art building specifications and compelling market fundamentals singled this asset out as a particularly compelling investment proposition.”

LaSalle was advised on the acquisition by Solid Attorneys (Legal), Arcadis (Technical & Environmental), Deloitte (Tax) and Savills (Commercial). The vendor was advised by CMS (Legal & Tax) and TLF Real Estate (Commercial).

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.

Aviva Investors Real Estate France announces that it has completed the acquisition of the office building Weesperstraat 420-446, in the centre of Amsterdam on behalf of one of its clients. The asset has been sold by LaSalle on behalf of a separate account client.

The property, is an iconic nine-storey office building, offers approximately 7,400 sq m of functional office space, and which has recently undergone extensive renovation work, including upgrades to improve its overall sustainability credentials and energy-saving qualities. Since 1993, the property has been fully let to the municipality of Amsterdam on a long-term basis.

Located in the famous canal belt of Amsterdam, Weesperstraat 420-446 offers access to a wide variety of facilities and attractions, including shopping areas, restaurants and the city’s museums. With its central location, the building also benefits from a number of well-established transport links, with Amsterdam’s metro, tram and bus networks all within close proximity, as well as the A10 ring road, all of which make it a highly-accessible location.

Uwe Rempis, Managing Director at LaSalle KVG, comments: “We are pleased with the successful sale of Weesperstraat 420-446. The asset has performed exceptionally well since acquisition, which comes following targeted investments made by LaSalle and the tenant over several years aimed at modernising the building and improving its energy efficiency and quality of amenities offered. The sale comes at a strategically favourable time for the Fund and is a one of the major highlights for this financial year.”

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 a high-quality logistics asset at the Port of Moerdijk in the Netherlands for its open-ended pan-European fund LaSalle E-REGI (“the Fund”). The property is located in the west of the Dutch province North Brabant near Rotterdam, one of the most important hubs for European and international trade. It was acquired from Savills Investment Management.

Completed in 2007, the warehouse has more than 21,000 square metres of usable space, 21 loading docks and it is fully let to Van der Helm, a Dutch logistics company

The logistics park in Moerdijk is strategically located between Europe’s two largest trade ports, Rotterdam and Antwerp. Both are within less than an hour drive. Moerdijk is the farthest inland terminal accessible to smaller deepsea vessels and forms a well-established logistics hub thanks to its rail and road connections.

Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, said: “The acquisition of the asset is a significant strategic investment for the fund, which has achieved an outstanding performance since its launch in 2011 with an average annual total return of 6.6 percent. Our aim is and remains a broadly diversified portfolio of first-class core properties in fast-growing markets. With the acquisition in Moerdijk, we are further expanding the fund’s strategic commitment in one of the most attractive locations for European logistics. The Dutch market excels with consistently stable fundamentals and, particularly in the port logistics sub-sector, high-quality properties such as the Moerdijk asset offer a strong competitive advantage and therefore solid returns for our investors.”

On this transaction, LaSalle E-REGI was advised by Solid Attorneys (Legal), PWC (Tax), Drees & Sommer (Technical & Environmental), and Savills (Commercial). Savills Investment Management was advised by TLF Real Estate (Commercial), Simmons + Simmons (Legal) and Savills (Technical). The transaction was brokered by TLF Real Estate.

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 Investment Management, the global real estate investment manager, announces the acquisition of an urban logistics facility north of Rotterdam, The Netherlands, on behalf of its pan-European fund Encore+, which increases the Fund’s exposure to the Dutch logistics market, one of the biggest in Europe. The asset has been acquired from ULP Bleiswijk B B.V., a joint venture between USAA Realco Europe B.V. and Somerset Capital Partners B.V.

The Bleiswijk Urban Logistics Center is very well located in the Randstad area, considered one of the most important logistics hubs in The Netherlands. It is 15km from the Port of Rotterdam, the busiest port in Europe that serves more than 500 million consumers across Europe, and is within reach of Amsterdam, The Hague and Utrecht as well as much of Western Europe. Take-up of Dutch logistics has increased 14% year-on-year but with federal planning restrictions limiting the development pipeline, rental growth, which is currently at 3.8%, is expected to continue.

The property offers over 60,000 m2 of flexible rental space, which can be easily adapted to changing tenant demands and target a wide range of occupiers. The building is currently very diversified, with tenants including the Dutch supermarket group Detailresult Group and Gist Nederland, the global logistics firm.

David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “Following the acquisition of numerous logistics assets in close proximity to some of Europe’s largest cities in 2019, this deal illustrates Encore+’s ongoing strategy of increasing exposure to strong logistics locations with limited supply. Across Europe we are seeing that the growth of e-commerce is driving demand for logistics and we expect this to continue, especially in The Netherlands where online sales account for only about 10% of total retail sales and are forecast to grow significantly in the next few years.”

LaSalle was advised on the acquisition by SOLID. Attorneys (legal), Drees & Sommer (technical) and Deloitte (tax). The seller was advised by Loyens & Loeff (legal), CBRE and 3Stone Real Estate (agents).

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, together with Frankfurt based fund manager Universal-Investment, have acquired Ploum & Blaak House, two connected office properties in Rotterdam, on behalf of BVK from Real I.S.

The two properties are modern, high-quality office spaces behind a historical façade and offer a combined rental area of c.17,000m². Ploum House is a six-storey building currently undergoing a renovation scheduled for completion in Q4 2019 and is fully let to amongst others the Dutch law firm Ploum. Blaak House is a seven-storey property that has been recently fully redeveloped internally and is let to the service operator Tribes, with additional space to be filled under LaSalle’s management. The two buildings are located at Blaak, a major thoroughfare of the Rotterdam CBD with strong road, metro and tram connections. 

The Rotterdam office market is the second largest in the Netherlands and benefits from falling vacancy rates, which have more than halved since 2015, driven by conversions reducing supply, tenants migrating from the outskirts to the city centre and demographic growth. With the Dutch government promoting the growth of the Randstad economic region, the market performs strongly against LaSalle’s proprietary DTU+E criteria assessing assets’ long-term resilience to changes in demographics, technology, urbanisation and the environment.

Christian Rust, Fund Manager at LaSalle, says: “As a state-of-the-art asset located in a central area of a major and growing European city, Ploum & Blaak House represents a strong addition to the fund. We’re pleased to be able to offer our client exposure to a prime office location and the upside potential of an excellent location in one of the Netherlands’ largest office markets.”

Nadine Gelke, Head of Investment for the Netherlands at LaSalle, said: “I am delighted that we have acquired this excellent asset on behalf of our client. It is a good example of our strategy to diversify our investment activities in the Netherlands while taking on leasing risk in DTU+E rich locations. We’ll be working to let the remaining space within the coming year through our proactive approach to asset management.”

LaSalle was advised by JLL, legal advisor Weebers Vastgoed Advocaten and technical advisor Drees & Sommer while the seller was represented by Savills and Loyens &Loeff.

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.