LaSalle Investment Management (“LaSalle”) has partnered with Volta Trucks, the leading and disruptive full-electric commercial vehicle manufacturer and services provider, to launch the first Volta Trucks Hub in the UK. The Hub will serve the battery electric Volta Zero vehicles that are set to operate on the streets of London from early 2023. The Hub is the second service and maintenance facility announced by Volta Trucks, after Bonneuil-sur-Marne in Paris, with further centres in other European cities to be announced in due course.

Volta Trucks will soon begin fitting out the facility in London, which is on White Hart Lane in Tottenham, near many of Volta Trucks initial UK-based customers, and within easy reach of all of east and west London’s significant logistics centres. The facility covers 30,000 sq feet, operating eight workshop bays. It will also accommodate a showroom, admin offices, a Volta Trucks Academy training centre and Call Centre that will provide the interface between customers and the company’s team of technical and commercial experts.

With sustainability at the heart of the Volta Trucks brand, the new Volta Trucks Hub in London is at the cutting edge of building design. LaSalle has managed the refurbishment of the facility to create a net zero carbon property in operation, with a photovoltaic panel system on its roof, converting sunlight into energy for the site, and a passive solar wall, optimising the heating and ventilation of the building. It is also designed with a charging infrastructure to support 50kW fast charging of Volta Zero vehicles while they are being maintained. Overall, the facility has an A+ EPC rating and has been designed to achieve the BREAAM ‘Excellent’ rating.

The Volta Trucks Hub in London is part of a wider representation strategy that will see a vehicle service offering across all launch locations of Paris, London, Madrid, Milan, the Rhine-Ruhr region of Germany, and the Randstad region of the Netherlands. The network of Hubs will be a critical enabler of the company’s innovative Truck as a Service offer, that sets out to revolutionise the finance and servicing of commercial vehicle fleets.

Truck as a Service will accelerate the adoption of electric commercial vehicles by delivering a frictionless and hassle-free way to electrify fleets, while de-risking the migration for Fleet Operators. Truck as a Service supports every step of the electrification migration by offering a single, affordable, monthly fee that funds the use of a full-electric Volta Zero vehicle, and all of its servicing, maintenance, insurance and training requirements, maximising the uptime and operational efficiency of the vehicle.

Confirming the Volta Trucks Hub in London, Casper Norden, Chief Fleet Solutions Officer of Volta Trucks, said: “London and Paris are Volta Trucks’ initial launch markets, and the availability of service and maintenance facilities is key for customer’s trust and confidence in our ability to deliver on our promises, and maintain the uptime of their vehicles. The search for the right location with the right environmental credentials has been extensive, but our new Volta Trucks Hub in Tottenham gives us, and our customers, everything needed to introduce our innovative truck into the important UK market and be fully operational from day one.”

Edd Fitch, Director of Asset Management, LaSalle Investment Management, added: “We are thrilled to partner with Volta Trucks to launch its first Volta Trucks Hub in the UK. This Hub will bring Volta Trucks’ innovative, full-electric commercial vehicles to the UK’s logistics sector, supporting our collective ambition for cleaner and more sustainable city centre environments.

“LaSalle has managed an extensive refurbishment of the facility at White Hart Lane to create a market-leading Net Zero Carbon logistics property in operation, and we continue to invest in our property portfolio across Europe to meet the ever-evolving demands of future tenants around sustainability, wellbeing, quality, amenities and infrastructure. We look forward to seeing the first Volta Zero vehicles on London’s streets early next 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 $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.

London ranks as Europe’s leading city for projected real-estate occupier demand for the sixth year running in the latest annual edition of the European Cities Growth Index (“ECGI”), published by LaSalle Investment Management (“LaSalle”), the global real estate investment manager. Following closely behind, Paris retains its position as one the “Big Two” European cities owing to its position as one of Europe’s key innovation and technology hubs.

While London retains its top position, its ECGI score worsened compared to last year, due to pressures on GDP growth. In 2022, the ECGI score worsened for 57 cities across Europe, the highest number since the Great Financial Crisis.

Polarization between London and UK regional cities also continued to widen in this year’s index.

Conversely, German cities proved to be less volatile in economic crisis and complementary of each other, with four German cities making it into the index’s top 20.

More broadly, since the ECGI’s inception in 2000, only London, Paris and Munich have consistently ranked in the top 10. Moreover, Amsterdam’s inclusion in the list this year comes due to the city’s human capital and employment growth prospects which remain exceptionally strong.

Petra Blazkova, Head of Research & Strategy, Core & Core-Plus Capital, Europe at LaSalle said: “This year’s findings come amidst significant turbulent macroeconomic headwinds for European markets. Despite their rankings and strong fundamentals, several top European cities will continue to face challenges in the coming months.

“That is why this year’s findings and the metrics tracked in the ECGI provide a valuable tool in assessing occupier demand and prospects for real-estate markets as investors look to the property sector for stability amidst a worsening global financial landscape.”  

Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, added: “Amidst a challenging market backdrop, real estate remains a critical asset class for investors. Our research shows that whilst many cities across Europe were recovering from the pandemic last year, markets now face twin economic and geopolitical challenges, making it imperative for investors to build a diversified portfolio of assets underpinned by long-term resilience.”

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”) and Trilogy Real Estate has announced the acquisition of the former London Metropolitan University buildings, 41-71 Commercial Road and the Met Works Building, in the Aldgate district of the London Borough of Tower Hamlets.

The estate includes 133,163 sq ft (NIA) of innovation and education space set inside two buildings on a one-acre site. The campus had previously been in use as workshops and teaching space for London Metropolitan University. LaSalle and Trilogy acquired the site from the Department for Education in a sale facilitated by the government-owned property company LocatED.

The building was acquired subject to over 40% of the space pre-leased to two providers of further and higher education: Nottingham Trent University’s Confetti Institute of Creative Technologies, and Access Creative College.

LaSalle and Trilogy were advised in the acquisition by strategic real estate consultancy Kauffmans, which also acted to structure the pre-leasing agreement for both occupiers. The refurbishment programme will create a pathway toward a major creative education centre in a growing area of Central London and has been de-risked through a contract with design build company Oktra.

The Commercial Road campus will be substantially refurbished and expanded to circa 150,000 sq ft, leaving 80,000 sq ft of education and creative learning accommodation available for interested occupants.

Chris Lewis, Managing Director, LaSalle Value-Add Investments, said:

“This investment is a great example of LaSalle’s growing Value-Add Investments strategy focusing on creating urban higher education and science accommodation in major gateway markets. Working with Trilogy to secure pre-lets on over 40% of the space provides strong downside protection in this economic environment, and we are looking forward to working closely with Trilogy to replicate the success of our prior investment in East India Dock.”

Robert Wolstenholme, Founder and CEO of Trilogy Real Estate, said:

“Trilogy is delighted to be extending our partnership with LaSalle to bring a second major education campus to Tower Hamlets. We previously developed Republic, a 600,000 sq ft campus where education meets business, which demonstrated that London’s youngest and fastest growing borough is a great place to be training the talent of the future. 

“Aldgate is a place where the next generation of innovators and pioneers live, work, and are educated, in close proximity to the financial centres of the City of London and Canary Wharf, and surrounded by significant innovation ecosystems, particularly in the creative, technology and biomedical sectors. Our project will bring the campus back into use as a centre for higher education, upgrading it to create world-class space fit for the 21st century economy.”

Craig Chettle MBE, Chief Executive, Confetti Institute of Creative Technologies, said:

“We’re excited to be working with LaSalle and Trilogy on creating a campus that will support our ambitious vision to shape the future creative and entertainment industries. Working closely with our partner, Nottingham Trent University, we look forward to working with businesses and the wider community in East London in preparing for our new students in 2023.”

Jason Beaumont, CEO of Access Creative College, said:

“Access Creative College has been educating young creatives in London for over 20-years and it’s an absolute pleasure to be able to announce our vision for the future.”

“We are thrilled by the opportunity to design and build world-class facilities, alongside a pioneering curriculum in the heart of East London, where our collaboration with employers and higher education will be at the centre of a coherent and connected journey for all our students.” 

“We look forward to working with all parties involved, to truly create an unrivalled experience and generate future opportunities for the young people of London.”

The campus sits within London’s strategically significant “Tech Belt” and is surrounded by a substantial cluster of student accommodation, biomedical, and life sciences buildings that extends into the area south of the Royal London Hospital in Whitechapel. The area is renowned for the quality of its amenity offer and the campus benefits from proximity to the leisure opportunities offered by Whitechapel, Spitalfields and the wider East End. The campus is an eight-minute walk from Elizabeth Line services at Whitechapel and a five-minute walk from the London Underground station at Aldgate East.

Previously, Trilogy and LaSalle developed Republic, a unique mixed-use innovation campus where education meets business in East India Dock, providing courses for more than 3,350 students from four major UK universities. Republic provides a high-quality learning environment and leisure offer alongside office space, with initiatives to bring education and business closer together.

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 Tom Rose, LaSalle’s current Head of UK Relative Returns, will succeed Julian Agnew as Head of Custom Accounts, Europe, effective from 1 December 2022.

After a long and successful career at LaSalle, Julian has confirmed he will be leaving the business at the end of December 2022.

Tom has been a key member of Julian’s team for more than 20 years, with responsibility for client portfolios with relative return investment strategies within the UK. In his new role, Tom will report into Philip La Pierre, Head of Europe at LaSalle, and will continue to shape and position client portfolios, ensuring competitive investment performance in the context of individual client risk-return requirements. Tom will also become a member of LaSalle’s European Management Board, where he will lead Custom Accounts’ contribution to LaSalle’s growing and integrated investor product mix across Europe.

Tom Rose, incoming Head of Custom Accounts, Europe at LaSalle Investment Management, commented: “It is an honour to be appointed Julian’s successor and lead our Custom Accounts business in Europe. We are committed and driven to deliver the best possible performance for our clients’ long-term success. I look forward to working with our Custom Accounts clients in this new role, supported by our integrated pan-European operating platform and market-leading research, to achieve the investment objectives of their real estate investment programmes.”

Julian Agnew, outgoing Head of Custom Accounts, Europe at LaSalle Investment Management, said: “I have had a long career across LaSalle Investment Management, and I am very fortunate to have worked with some incredible people both internally and externally. LaSalle is well-positioned to continue to deliver exceptional value for clients, and Tom is the right leader to drive the next phase of growth for the Custom Accounts business.

“I look forward to the next challenge in an industry that I still find as rewarding and exciting as when I first started.”

Philip La Pierre, Head of Europe at LaSalle Investment Management, added: “We thank Julian for his distinguished service and leadership. Julian has played a seminal role in the success of the business, and we look forward to celebrating his contribution and many achievements at LaSalle before he leaves at the end of this year. We wish him every success in the next challenge that he takes up in the industry.

“Tom’s unique skillset and professional experience positions him well to take on this role, having been a member of Julian’s team for over 20 years. I look forward to working with Tom as a member of our European Management Board to build upon Custom Accounts’ contribution to our pan-regional, best-in-class client offering.”

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 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.

On behalf of Malaysian investor Permodalan Nasional Berhad (PNB), LaSalle Investment Management and development manager M3 Consulting have received a resolution to grant planning permission for the redevelopment of One Exchange Square in the City of London. The proposed scheme transforms an existing 1980’s commercial building into a vibrant new occupier focused Office and Retail destination.

PNB acquired One Exchange Square in 2012. The office space is fully occupied by European Bank for Reconstruction and Development (EBRD). Upon EBRD’s lease expiry in 2022, LaSalle, on behalf of PNB, will execute its strategic business plan to reposition the building into a resilient asset, committing to global ESG design.

Designed by Fletcher Priest Architects, the 13-storey scheme will deliver 422,000 sq ft of high-quality workspace and 15,000 sq ft of retail, fronting both Bishopsgate and the newly re-landscaped park at Exchange Square. With over 34,000 sq ft of external accessible space the building offers biodiverse terrace environments accessible from every floor.

One Exchange Square will have exemplary ESG credentials, targeting BREEAM Outstanding, NABERS 5* and Well Platinum. By retaining 90% of the existing structure, the building will have 50% lower embodied carbon than a typical office building of comparable size. The project is 100% electric and Net Zero Carbon in operation, using intelligent façade design and mechanical services twinned with building management systems to manage operational energy use.

Rick Ramli, Chief Investment Officer, Private and Strategic Investments, PNB said: “PNB has recently introduced its Sustainability Framework where it has identified 10 ESG commitments under the Environmental, Social and Governance pillars. Under the Environmental pillar, PNB is committed to achieve a Net Zero Portfolio by 2050. We are encouraged by the integration of ESG in the refurbishment of One Exchange Square, which is in line with PNB’s Sustainability journey.”

Gary Moore, Managing Director, LaSalle Investment Management said: “We are delighted to have received a resolution to grant planning permission for this market leading Net Zero Carbon office scheme. Through a focus on ESG, occupier wellbeing and productivity we believe One Exchange Square represents the future of commercial offices in the City.”

Richard Hollingworth, M3 consulting said: “Through the work of an exceptional project team, One Exchange Square will deliver an exemplary office product with market leading carbon and sustainability credentials underpinned by a full digital twin building model. The building offers the highest quality office accommodation whilst utilising and enhancing the retained structure. We are looking forward to starting construction works in early 2023.”

JLL and Cushman & Wakefield are joint leasing 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 $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

JLL (NYSE: JLL) has been recognized for leadership in corporate sustainability by global environmental non-profit CDP, securing a place on its prestigious ‘A List’ for tackling climate change. CDP runs the world’s environmental disclosure system to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests.

JLL was recognized for its actions to cut emissions, mitigate climate risks and develop the low-carbon economy, based on the data reported by the company through CDP’s 2021 climate change questionnaire.

JLL is one of a small number of high-performing companies out of nearly 12,000 that were scored. Through significant demonstrable action on climate, JLL is leading on corporate environmental ambition, action and transparency worldwide.

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 is delighted to announce another letting at Sixty London Wall, the 10-storey office-led development in the City of London, acquired on behalf of The California State Teachers’ Retirement System (‘CalSTRS’).

The most recent letting of 25,000 sq ft on the part 5th floor to Interxion follows the recent news of both AllianceBernstein and Mondrian committing to the building. LaSalle Investment Management took the strategic decision to split the part 5th floor to accommodate this exciting technology business and bring a new occupier type to the building. The letting will enable a smaller occupier of 15,000 sq ft to acquire space within the building on the remaining part floor with stunning views towards the tower cluster and over Finsbury Circus.

Interxion are bringing together different parts of the business and chose 60 London Wall for their new London Headquarters due to its quality, amenity and location in the City.

Sixty London Wall provides spectacular, new Grade A office accommodation over 10 upper floors totalling 328,000 sq ft. The building has been designed with excellence and sustainability in mind and has been awarded a BREEAM ‘outstanding’ rating and targets a 2-star Fitwell rating. The adaptable available office floor plates range from 15,000 sq ft to 40,000 sq ft designed around the crucifix-shaped central core enabling four points of access.

Gary Moore, Fund Manager at LaSalle, said: “We are delighted to have secured a further letting and welcome a Interxion, a data and technology business to Sixty London Wall.”

Sixty London Wall is designed by EPR Architects with March and White the interiors architect. The building was constructed by Skanska on behalf of LaSalle and Citygrove Securities. LaSalle and Citygrove’s advisers include property consultants Gleeds and engineering consultants Mecserve.

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 delighted to announce that 60 London Wall, a 10-storey office development in the City of London, has received the prestigious BREEAM Outstanding sustainability rating.

The building, which was acquired on behalf of The California State Teachers’ Retirement System (‘CalSTRS’), provides exciting, Grade A office accommodation over 10 floors totalling 325,000 sq ft with flexible uses at ground floor. The floors range from 18,000 sq ft to 40,000 sq ft with terraces on five upper floors designed around a single atrium.

The embodied carbon of the building is 40% less than a typical new office building, as a result of reusing the existing sub-structure and part of the super structure. The building has four additional floors which step back to provide five stunning roof terraces with planters for occupiers to enjoy plus a green roof; all promoting biodiversity. The terraces and roof are ‘blue’ roofs; the most energy efficient way of installing a sustainable urban drainage solution.

At the same time, the operational energy performance of the building will be considerably lower than similar size buildings due to the energy efficient design of the building fabric and building services, exceeding the required energy performance of a new building significantly. The building envelope has been carefully designed to optimise energy performance with daylight and views out, including carefully considered non-visible fritted glass, to reduce solar gain.

Gary Moore, Fund Manager at LaSalle, said “The team has designed and delivered this stunning new office building and we are extremely proud to have achieved an ‘Outstanding’ BREEAM certification. We believe in delivering sustainable buildings to meet both the investor and occupier’s ESG credentials and are confident this design and management will be integral to the future success of the asset.”

Julian Agnew, Head of and CIO for LaSalle Direct added: “Sustainability has been at the core of our investment and asset management strategy for some time, reflecting increasing tenant demand for outstanding work spaces that support employee health and wellbeing as well as the efficient utilisation of resources.”

BREEAM (Building Research Establishment Environmental Assessment Methodology) is the world’s leading design and assessment method for sustainable buildings. The rating for 60 London Wall was based on a number of factors including the building’s support for health and wellbeing, energy and water efficiency, use of materials. waste management, transportation and ecological features.

60 London Wall is designed by EPR Architects and constructed by Skanska on behalf of LaSalle and Citygrove Securities. LaSalle and Citygrove’s advisers include property consultants Gleeds and engineering consultants Mecserve. Knight Frank & JLL are leasing agents.

LaSalle is a signatory to the Better Buildings Partnership (“BBP”) Climate Change Commitment. The BBP comprises many of the UK’s leading commercial property owners who are working together to improve the sustainability of existing commercial building stock. LaSalle recently set out its pathway to a zero-carbon future, publishing its net zero carbon (NZC) strategy for Europe.

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 (“LaSalle”), the global real estate investment manager, today announces the provision of a £106 million loan facility to finance the development of two retirement villages in the South of England. The development loan has been extended from the LaSalle Residential Finance (“LRF”) programme to a recently formed joint venture between Audley Group (“Audley”), the UK luxury retirement village provider, and the UK Retirement Living Fund, which is managed by Schroders Real Estate, the investment manager, and Octopus Real Estate, the UK specialist real estate lender and investor. 

The facility is secured against two luxury retirement villages to be developed by the joint venture and operated by Audley in Stanbridge Earls in Romsey, Hampshire, and Sunningdale Park in Sunningdale, Berkshire. Together the two villages will comprise over 250 for-sale residential units for over-65s and high-quality amenities. As demographic change drives increased demand for purpose-built retirement community real estate for the UK’s active adult population, the two schemes will address the significant undersupply within the affluent markets of Romsey and Sunningdale.

The financing of the two developments follows the announcement in August 2019 that Audley Group has formed a joint venture with the UK Retirement Living Fund, managed by Schroders Real Estate and Octopus Real Estate, to develop four sector-leading retirement villages with over 500 units in total, representing a total value of around £400 million.

Daniel Pottorff, Managing Director of Debt Investments and Special Situations at LaSalle Investment Management, said: “We are delighted to have provided this financing solution to the joint venture which further strengthens our relationship with the Audley team, having extended a loan from the LRF programme to the Group in 2017 for an urban retirement scheme in Clapham, London. This investment exemplifies our strategy of investing in demographically compelling segments of the residential market.”

The loan follows an extension of the successful LaSalle Residential Finance programme by a further £476m capital commitment, increasing the total size of the LRF programme (established in 2013) to £1.3 billion. LRF provides stretch senior and higher-leverage financing solutions for developments at loan-to-cost ratios of up to 80 per cent, with loans ranging from £20 million to in excess of £150 million. LRF’s current development lending activities focus on student housing, residential, hotel and healthcare development lending throughout the UK as well as student housing in Europe.

Amy Klein Aznar, Head of Debt Investments and Special Situations at LaSalle Investment Management, said: “We are excited to have further extended the LRF programme which continues to be backed by main investor APG. LRF focuses on bed-based investments and, in particular, on specific segments such as senior living and build to rent which remain structurally undersupplied. This is another example of our strategy of lending to market-leading sponsors to finance the development of best-in-class assets and marks the 15th debt investment completed on behalf of the LRF programme.”

Jon Austen, Chief Financial Officer at Audley Group, said: “We have a long-established track record of developing and operating retirement villages. Our JV structure with the UK Retirement Living Fund, managed by Schroders and Octopus Real Estate, allows us to execute our model in a less capital-intensive way while maintaining our first-class offering which the market continues to demand. We are pleased with the extension of this finance arrangement which reflects the strong growth in our sector.”

The LaSalle Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes and capital structures. Since 2010, the team has arranged approximately €4 billion of investments across more than 75 individual transactions.

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 sale of a warehouse and distribution facility currently leased to Hobbycraft, the UK-based arts & crafts retailer, in Burton upon Trent for a further 8 years. The asset has been acquired by Cabot Properties, for £20 million.

The Hobbycraft facility is based in the Centrum 100 Business Park and comprises a total area of c.213,000 sq ft. Built in 2006, the asset is a modern and high-quality facility that conforms with institutional-grade specifications for industrial properties. LaSalle acquired the property in 2013.

Sophie Simmonds, Fund Manager at LaSalle Investment Management, said: “We’re pleased to have realised a highly competitive return for our client on this investment, driven by both capital growth and the stable rental income generated during the asset’s six-year hold period. Investor appetite for distribution and logistics properties remains strong and we will continue to capitalise on this buoyant market to focus our industrial investment in those assets that combine prime locations, strong transport connections and attractive supply-demand dynamics.”

LaSalle was advised on the sale by Savills.

About LaSalle Investment Management

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $67 billion of assets in private and public real estate property and debt investments as of Q2 2019. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit https://www.lasalle.com, and LinkedIn.

Investing Today. For Tomorrow.

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.

About Cabot Properties

Formed in 1986, Cabot was founded with the vision of bringing together a collaborative team of experienced real estate professionals dedicated to creating portfolios of profitable investments through the execution of sound and disciplined strategies. The six senior principals have collectively spent 18 years together executing industrial real estate transactions in markets across the U.S. and Europe and through multiple real estate cycles. In its 30 plus year history, Cabot has invested $9.6 billion in 181 million sf of industrial real estate, of which $7.3 billion has been realized. During this time, Cabot has managed and operated over 1,390 buildings comprised of over 3,800 tenants.

Simon Marx, Investment Strategist, was interviewed by Dani Burger on Bloomberg Daybreak LIVE on Monday morning, discussing findings from the LaSalle E-REGI Index 2019 on European economic growth and the top European cities in which to invest. For 20 years, LaSalle has published its annual European Regional Economic Growth Index – or “E-REGI” – which identifies the European regions and cities with the best growth prospects. The index judges the relative strength of future occupier demand for commercial real estate and proves valuable as the basis of any real estate investment strategy.

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.

London tops Index for 11th time since 2000 Almost all cities in the UK improve in this year’s ranking Manchester overtakes Edinburgh to be the second-highest ranked UK city

For the third year running and the 11th time since 2000, London has retained the top spot on the European Regional Economic Growth Index (“E-REGI”), published today by LaSalle Investment Management (“LaSalle”), the global real estate investment manager. The Index recognises London’s medium-term economic growth prospects as the best in Europe and shows that despite Brexit uncertainty, the UK capital remains the continent’s leading market for future real estate occupier demand.

The E-REGI Index attaches a score to each European region based on its medium-term economic growth prospects, its level of human capital and wealth and the quality of the business environment, relative to the European average. Almost all UK cities improved in the ranking, with Manchester (33rd), Glasgow (51st) and Liverpool (58th) all rising more than 15 spots compared to other cities in Europe. This can be mainly attributed to an improved service employment outlook – for example, in Manchester strong expected employment growth in professional activities and administrative & support service activities has contributed significantly to the city overtaking Edinburgh (34th) as the second-highest ranked UK city. 

Despite many of the UK’s cities closing the gap on the capital, London also improved its relative score and even extended its lead on Paris in second place, again primarily due to a more positive service employment outlook compared to last year. The ranking is based on an assumption that the UK will exit the EU with a deal by March 2020 and remain in a customs union with the EU for an extended period. LaSalle recognises that a no-deal Brexit would negatively impact the rankings of the UK’s cities, with London most exposed.

Simon Marx, Director of Research & Strategy at LaSalle said: “Much has changed during the 20-year history of the E-REGI Index, but London has always held a spot close to the top of the Index, despite numerous economic challenges in the past two decades, from the dotcom crash to the global financial crisis. While the outcome of Brexit will clearly have a significant impact on London’s ranking, the city has showed tremendous resilience over the last two decades and remains unparalleled in Europe in terms of the scale, flexibility and diversity of its workforce and skills base.”

He added: “The E-REGI Index identifies the European regions and cities with the best economic growth prospects, which when combined with detailed real estate knowledge, supply-side information and relative pricing has proved to be a valuable tool for portfolio construction, determining real estate market outperformance and investment strategy throughout its 20 year history.”

Other highlights of LaSalle’s 2019 E-REGI Index:

• Paris sits in second position for a third consecutive year, experiencing its highest score ever. The French capital leads the LaSalle European Human Capital Index, which drives part of the E-REGI Index score.
• Dublin falls into the late cycle category, whereby certain cities have peaked in their economic cycles, and suffers from lower growth prospects over the new forecast period 2019-23. As a result, Dublin fell three places but retained its top 10 status in 9th position.
• Amsterdam continued its upward trajectory to reach 16th position, its highest rank since 2006. The large concentration of high value-added sectors adds to the city’s higher-than-average productivity, while the city’s vibrant quality of life attracts foreign talent and tech start-ups, driving competitiveness further.
• Nordic cities continue to feature in the top-end of the ranking due to strong human capital and wealth scores, with three in the top ten (Stockholm, Oslo and Copenhagen-Malmö).
• Istanbul replaces Stockholm in third place thanks to strong GDP and employment scores, and it has also seen a large improvement in its employment growth prospects and human capital.
• German cities were generally slightly weaker in the Index as a struggling industrial sector amid weak global trade and elevated uncertainty weakened the country’s economic overall outlook, with only Munich (5th) remaining in the top 10.
• Of all European cities, Bucharest, a popular IT outsourcing location, and Moscow, whose employment prospects have been boosted by pension reform, made the most progress in the ranking this year, jumping to 45th (+40) and 49th (+48) respectively.

Looking ahead, there are also factors which are not currently captured by the E-REGI Index and that are becoming increasingly important to the success and ultimately real estate performance of cities. Factors such as sustainability, urban density, liveability and wellbeing, climate change resilience and accessibility are becoming increasingly important and data availability enabling the measurement and comparability of these factors across geographies is improving. Looking ahead at the next 20 years the E-REGI Index will attempt to systematically capture features such as environmental quality including air quality, housing affordability, the quality of transport, the quality of social infrastructure, the presence of innovation industries and the widespread lack of mixed-use assets.

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.

The team working on the Sixty London Wall construction project hosted a topping out ceremony at the development.

This crucial milestone was marked with a traditional ceremony, attended by LaSalle Investment Management, Citygrove and members of the design and construction team.

The topping out event was celebrated with a final pouring of concrete, in a rooftop ceremony.

The existing structure is being comprehensively remodelled and refurbished, with Skanska demolishing part of the building before adding four new floors, to take the building up to 11 storeys. The mixed-use commercial and retail development in the City of London is due to complete in June next year.

Gary Moore, Head of International Accounts at LaSalle, said: “The project team are doing an excellent job and the topping out of London Wall is an important milestone in the creation of an excellent investment for our client.” 

Tony Boorer, Project Director, commented: “Once complete, this building will have five floors of terraces with stunning views of London. The internal spaces will be of high-quality with a contemporary modern design. It also contains ground floor and basement level retail space”.

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, announces today that Martin Zdravkov has joined its UK business in the newly-enhanced role of Head of UK Residential & Impact Investing, based in London.

In this role, Mr Zdravkov will report to Philip Nell, the Head of UK Real Return Assets at LaSalle. He will be responsible for various investment strategies in the residential sector, including Build-to-Rent, Social Housing and Shared Ownership, Specialist Supported Living and Extra Care Living, key worker and temporary accommodation. He will lead in driving forward LaSalle’s impact investment strategy, working closely with Eleanor Lindsay, Co-Fund Manager, Impact Investing, and Sophie Carruth, the Head of European Sustainability, in building on the investment manager’s recent track-record of investing for specific clients in impact assets.

Mr Zdravkov joins LaSalle from Aviva Investors where he was Portfolio Manager for the REaLM Social Housing Fund and various other UK and pan-European long income real estate funds, as well as launching new products, such as the European long income fund. Previously he was a Senior Investment Manager for the Notting Hill Housing Group (“NHH”), one of the largest housing associations in the UK, where he was responsible for Corporate Finance and business development, investing around £1 billion in social housing.

Alan Tripp, Head of UK at LaSalle, said: “I am delighted that Martin has joined us at this exciting time in the growth of the UK business. The UK residential sector is of great importance to our long-term strategy; this combined with our commitment to implementing sustainable strategies in all of our investment decisions, makes Martin an excellent addition to our Fund Management team.”

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.

The developers of Milburngate, the mixed-use development, have secured a £120 million forward-funding commitment from LaSalle Investment Management, which will enable the delivery of the first phase of the Durham City Centre project.

In addition, Durham County Council has taken a 35-year lease of the entire first phase of Milburngate and will become landlord to all first phase tenants, creating a new revenue stream for the authority as well as supporting regeneration in the city.

Durham County Council’s lease also includes Phase One’s 5,000 square metres speculative office building, creating capacity for more than 400 new jobs, alongside 153 built-to-rent apartments, supporting Durham’s requirement to provide high-quality city centre work and living space.

In December 2018, detailed planning permission was granted for Phase One, which covers 70 per cent of the entire six-acre mixed-use development. The developers are in the final stages of reviewing shortlisted construction tenders and will select their construction partner in the coming weeks. Completion of the first phase is targeted for early 2021.

Tenants already secured for Phase One include nationally-recognised leisure operators such as the boutique cinema company Everyman, restaurant brands Marston’s Pitcher & Piano, Bar + Block, Miller and Carter and a 92-bed flagship Premier Inn hotel.

Milburngate is being delivered in joint venture by Durham-based property business Arlington Real Estate and the Richardson family, who together have already successfully delivered a number of strategically-important regeneration projects across the region, including Freemans Reach in Durham City centre.

Robin James, Head of Long Income Transactions at LaSalle Investment Management, said: “We are delighted to have entered into this long-term partnership with Durham County Council, Arlington Real Estate and the Richardson family. This mixed-use commercial and residential development will create job opportunities in Durham and is an excellent example of where our client’s capital can be used to deliver major city centre regeneration schemes. We will continue to invest in such projects and have significant funds to deploy in other assets offering long-term, inflation-linked income streams.”

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 contracted 77 commercial real estate transactions valued at £3.33 billion across the UK in 2018 and forecasts that UK real estate will remain an attractive asset class to institutional investors in 2019, despite macroeconomic uncertainty associated with the Brexit process.

Making direct investments in UK commercial property on behalf of institutional clients from the UK and around the world, LaSalle deployed £2.29 billion across 24 acquisitions while generating £1.04 billion through 53 sales in 2018, compared with a total transaction value of £1.24 billion in 2017. These transaction figures serve to underline the continued resilience of the UK real estate market in the face of political risk, with a total of c£55 billion in UK commercial property transactions in 2018 exceeding the 10-year average of £44 billion according to data from JLL.

Office properties constituted 67 per cent of LaSalle’s UK acquisitions of which the London market accounted for 94 per cent. The sustained demand for London office property is symptomatic of how the capital has resisted leakage to competing European cities and continued to receive strong take-up, with LaSalle’s investment strategy remaining underpinned by the firm’s proprietary analysis of which specific commercial submarkets in London are best placed to achieve rental growth. Meanwhile, alternatives (e.g. parking, healthcare, student housing) accounted for 20 per cent of capital deployed but just 7 per cent of LaSalle’s exit proceeds, continuing LaSalle’s long-term shift towards increased exposure to alternative assets that demonstrate greater resilience to the challenges facing retail and industrial properties.

The proportion of capital deployed by LaSalle into UK commercial property classified as ‘long income’, defined as assets that generate ten year plus contracted terms and an element of predictable inflation-linked cashflow, rose to 26 per cent in 2018. The increase was driven by LaSalle targeting irreplaceable long-let assets to safeguard against market uncertainty, as well as demand from defined-benefit pension scheme clients for low-volatility, predictable income flows that match their liabilities while also generating higher yields than UK sovereign debt. With over £7 billion in institutional capital estimated to have been allocated for investment into long-income assets in 2019, demand for this asset type looks set to persist irrespective of the outcome of Brexit.

Julian Agnew, UK Chief Investment Officer at LaSalle Investment Management, said: “While we believe the most likely outcome of the current political situation to be a ‘Long Hard Brexit’, entailing a loose framework for future trade with the EU that’s fleshed out during the transition period, investors in the UK clearly remain faced with a significant degree of uncertainty. However, in the medium- to long-term we believe that UK real estate will remain attractive compared to other asset classes, that UK property will continue to attract international capital, and that not only London but also other cities such as Bristol, Birmingham, Edinburgh, and Manchester – all of which rank highly on our proprietary analysis of the UK regions’ preparedness for changes in Demographics, Technology, Urbanisation and the Environment – will continue to perform well.”

Chris Lewis, Head of Transactions for the UK at LaSalle Investment Management, said: “We have identified emerging and highly attractive opportunity sets within the UK commercial real estate market for our clients and are pleased to have been able to both deploy capital effectively and realise proceeds through a strong exit pipeline in 2018. We continue to target specific London ‘villages’ where we believe the fundamentals to support rental growth are strongest, while significantly growing land disguised as income as a portfolio of long-income investments with inflation-linked cashflow.

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.