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A prudent person sees trouble coming and ducks.
A simpleton walks in blindly and is clobbered.
— Proverbs 22:3

King Solomon’s words of wisdom have been passed down to us for 3,000 years. They still resonate, especially in this modern translation,¹ even though the “trouble” is no longer invading Assyrians or Babylonians but the type of danger we bring on ourselves through an all-too-human combination of ingenuity, hubris and ignorance.

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Watch any movie from the 1930s to the 1960s and you will see actors inhaling tobacco smoke with abandon. We know better now. Like the generational awareness of the harm caused by tobacco products, real estate owners have gradually become aware of the dangers lurking in certain building materials and contaminated soil. Starting in the 1960s, societies have spent fortunes cleaning up “miracle products.” Asbestos, PCBs, dry cleaning solvents, herbicides and lead pipes were all considered state-of-the-art technologies at various points in human history. None of these inventions were designed with the intention of killing people. They all started with a noble purpose – whether suppressing catastrophic fires, insulating transformers, cleaning wool suits or producing a pleasing nicotine buzz that also curbed the appetite. The “externalities” associated with societal damage from the use of these products took decades to discover and billions to eradicate.

Greenhouse gas emissions share a common ancestry with these miracle products. Heating buildings with diesel fuels, running gas lines through city streets, producing electricity with coal-fired plants—these were all logical, economical, and sensible solutions to the problem of bringing energy to homes, businesses and buildings of all types. The industrial revolution accelerated the growth of cities and raised the quality of life for millions of people by dragging them out of rural poverty. As we now know, society’s dependence on fossil fuels creates new problems which must be dealt with.

The recognition that miracle products can carry hidden (or not so hidden) dangers follows a predictable pattern. Here is what the step-by-step process often looks like:

Evidence and awareness. An environmental problem often requires decades of scientific study and mountains of evidence to convince people that a change is necessary. Even as this evidence accumulates, vested interests organize counterattacks to convince society that the problem is non-existent or over-stated. Eventually the harm to human life becomes so obvious that denial becomes a “fringe position.”

Market demand. In many cases, the process of partial “market adjustment” can begin ahead of government action. Voluntary data collection and industry-led reforms start the slow process of change. In the case of greenhouse gases, the marginal contribution of each emitter is so small, and so embedded in society, that government interventions sometimes lag market-led shifts (e.g., the adoption of LED lighting or heat pumps).

Regulatory response. Yet, government interventions are almost always needed to accelerate and complete behavioral change to truly eliminate harm to the environment and to human life created by “externalities.” These regulations and policy responses often get pushback as competing outcomes are debated in the political arena. Economists agree that putting a price on carbon would be the most efficient and effective solution, but a market mechanism for carbon pricing requires government intervention — in the form of a carbon “tax” or to set up an emissions trading scheme.

Benchmarks and best practices. Eventually, the rise of data benchmarks and peer group comparisons begins to shed light on who, where and how successful “treatments” are applied to any environmental problem. Engineering and laboratory science helps inform this stage of the process, as does public health or industry group data. Integration with market investment processes and decisions leads to a focus on reversing years of damage to the environment and compliance with new regulations and guidelines. At this stage, market-driven and regulatory-driven changes start to converge.

Price integration. Feedback loops are established where type 1 errors (false positives) and type 2 errors (false negative—or overlooked problems) are exposed.² In loosely regulated situations like climate change, the efficient market hypothesis (EMH) takes hold as the change process gets partially or fully priced by consumers and producers. Economists and policy analysts favor the practice of placing a “price” on an externality to compensate society for the harm. In practice, though, compensatory payments to offset environmental damage are often decided through the courts and litigation.

Continued market and regulatory evolution. The enforcement of tighter regulations also follows its own trajectory depending on the governance structure of a particular country or urban jurisdiction and the toxicity of the problem. The discipline of epidemiology, using population data and public health analysis, is especially helpful at this stage of refining the policy solutions.

The Transition from “Data” to “Wisdom”

For the de-carbonization of buildings, various markets and countries are well into Step 3 (Regulatory Response) and Step 4 (Benchmarks and Best Practices). In Europe the “theory of change” is focused more on EU-wide or national policies to promote energy disclosures through top-down regulatory solutions. In the United States, the emphasis is based more on voluntary pledges, market solutions and regulations that are based on specific local jurisdictions. In most developed countries, steps 5 (Price Integration) and 6 (Market and Regulatory Evolution) are underway, but both have a long way to go.

The rise of real estate sustainability benchmarks (like GRESB) has accelerated in recent years. In many cases, they have expanded to include social factors and tenant well-being alongside environmental metrics. The next hurdle, though, is to establish materiality tests that infuse meaning, and determine financial impacts based on the volumes of reporting that the industry has started to produce and disclose.

Reading through ESG reports often reveals the triumph of reporting and public relations over salience or relevance. The conjoint challenges of reducing building emissions alongside improving the well-being of building users and the surrounding communities can be obscured by data denominated in less familiar metrics like tons of CO₂ or Kilowatt hours. In time, and with experience, the emphasis will shift to what truly moves the needle on all elements of the “sustainable investing” paradigm—and which metrics give off misleading or meaningless “virtue” signals.

Financial metrics align most closely with the “fiduciary duty” of an investor. Moreover, stakeholders have decades of experience analyzing and interpreting financial data. It will take additional time and effort to convert environmental data into financial terms or to simply raise the consciousness of how to interpret energy and emission data in its own right. (LaSalle’s work on the “Value of Green” synthesizes studies of the evidence linking sustainability metrics and financial outcomes. An update on this work is below.)

In writing Proverbs, King Solomon gathered centuries of wisdom based on experience. In the modern world, we often believe that the steps to wisdom are built on a foundation of knowledge, information, and data. The famous “DIKW” hierarchy has been a mainstay of information sciences since the 1930s. Sustainability wisdom is still in the process of being formulated and likely requires more time to make progress. Fortunately, the foundations of this wisdom are already being put in place—first through data (the modern way to refer to many, many experiences), then information (organized and analyzed data), eventually leading to knowledge (patterns are identified and the “what” and “why” questions are answered) and finally reaching the status of accumulated wisdom (how to respond). This is a path that humans have traveled before. More lives are at stake this time around and the wisdom may not be easily agreed upon by all industries, countries and stakeholders. Nevertheless, the search for sustainability wisdom must continue and time is of the essence.

Revisiting LaSalle’s “Value of Green”

In September 2023, LaSalle published our ISA Focus report What is the value of green? Looking at the evidence linking sustainability and real estate outcomes. The report presents a framework on how sustainable attributes of properties can be viewed as both as drivers and protectors of value, along with showcasing findings from the broader literature. We continue to maintain a Value of Green tracker, monitoring research on this subject as it is produced. Some of the findings that have surfaced since the release of our initial report are worth highlighting:

In early 2024, CBRE reported in their UK sustainability index that efficient properties outperformed inefficient properties by close to 2% per year in terms of total return, over the course of 2023 across three major property types. The efficiency of buildings was delineated through EPC ratings.
UBS reported in late 2023 that a green premium of 28% and 19% in price per square foot was in evidence in the New York and London office markets, respectively, when comparing office transactions based on LEED/BREEAM certifications. This premium was also established in cap rates, showing a 36 and 27 bps premium for New York and London respectively.
MSCI published a report on price premiums for green buildings, and how they have changed over time. Looking at offices in Paris and London, a clear trend emerged from 2019 onwards showing a growing sale-price gap between offices with and without sustainability ratings. In the case of London, the gap was close to non-existent before 2019 and had since grown to 25% as of the latest reported data point in late 2022.

Beyond the direct links between sustainability and historical investment performance in terms of return, rent and value premiums, more signals are emerging as available data on the topic grows, and becomes increasingly forward looking:

In 2024, JLL published in their “Green Tipping Point“ report on how the supply/demand balance is shifting in favour of sustainable offices across the globe, as tenant demand evolves. JLL projects a 70% unmet demand across 21 global office markets.

Beyond results based on backward-looking data, detailed case studies of investments into sustainable initiatives are being published. The JLL report “Future-Proof Your Investments“ showcased opportunities for sustainable New York offices; another example is CBRE’s report “The impact of on-site rooftop solar on logistics property values.”

Tobias Lindqvist
Strategist, Climate and Carbon Lead, London

Sources:
CBRE (March 2024) UK Sustainability Index Results to Q4 2023. CBRE
P. Torres, G. Bolino, P. Stepan (2024) The Green Tipping Point. JLL
T.Leahy (2022) London and Paris Offices: Green Premium Emerges. MSCI
P. Torres, J. del Alamo (July 2024) Future-proof your investments. JLL
D. Marina, J. Tromp, T. Vezyridis, O. Bruusgaard (July 2023) The impact of on-site rooftop solar PV on logistics property values. CBRE
O. Muir, Y. Chen, T. Metcalf et.al (Dec 2023) Green premium: Study of New York and London Real Estate finds strong evidence for a ‘green premium’. UBS

What can we learn from simulations?

The de-carbonization of buildings is taking place in a complex and ever-changing environment. It is a multi-dimensional problem replete with uncertain outcomes, regulatory change, shifting societal norms and markets, and the politicization of sensitive issues.

At the June 2024 MIT World Real Estate Forum, Professor Roberto Rigobon unveiled a “sustainability simulation” game patterned on his pathbreaking work on social preferences for the European Commission. The technique shows how the traditional economic conceit that we make “resource trade-offs” does not accurately capture how humans make decisions when faced with multi-dimensional choices.

In the simulation, the audience was given nine choices for different retrofit projects for a commercial building. Each choice resulted in simultaneous movement across three metrics that the audience had already established that they cared about — changes in NOI (profitability), CO₂ emissions, and tenant satisfaction/well-being. The cost of the projects was amortized into the NOI calculations and the other metrics were also calibrated based on actual data from the US.

The simulation showed that a knowledgeable real estate audience rarely solves just for “pure profits” at the expense of tenant well-being or CO₂ emissions. The simulation also mimicked reality—where sometimes profitability moves in synch with reduced CO₂ emissions and other times it moves it moves in the opposite direction. The simulation was designed to show how the co-movement depends on the local market and the type of de-carbonization project. Tenant well-being and CO₂ emissions could be implicitly linked to revenue when and if participants believe that occupancy, rents and capital raising are all interconnected.

Through their choices, the audience tried to optimize across all three priorities at once — leading to an interesting result that revealed their average willingness to “pay” to reduce a ton of CO₂ emissions of about $200 ton. Yet, if asked directly how much they would pay to reduce a ton of greenhouse gas coming from a building, it seems unlikely that many would have volunteered to pay that much. This finding also shows how the language of profitability and returns is much more advanced than the metrics and concepts associated with either decarbonization or tenant satisfaction. And that all these metrics are linked, but not fully integrated in the minds of real estate professionals.

Only a few participants in the game focused only on reducing CO₂ (at the expense of decent profits). And just a few focused exclusively on profitability at the expense of tenant satisfaction or CO₂ emissions. This seems like a reasonable facsimile of what enlightened investors will do — especially when they know that their actions are being disclosed. As we learn more from these simulations, it is possible that policy makers will be able to refine the mix of incentives and regulations that govern the real estate industry.

Jacques Gordon
Cambridge, Massachusetts

LOOKING AHEAD >

As we advance through the six stages of market wisdom, sustainable features in real estate move away from purely “virtuous” and toward increasingly meaningful drivers of investment value. As noted in our ”Value of Green” report the challenge for investors is understanding where, when and how sustainability is driving performance, which is highly variable across markets and sectors. Given LaSalle’s global reach, we are well positioned to observe, learn and act to enhance and protect asset values for our clients, and gain and share wisdom in the process.
Markets are shifting towards wider alignment with a more sustainable future, new data and findings are continuously published. At LaSalle we also focus on the data generated within our walls, linking our own initiatives driving sustainability with their associated investment outcomes, bringing our own data and experience into the DIKW hierarchy.
Recognizing the importance of meaningful benchmarks to drive decision-making (Stage 4), LaSalle has been leading an industry initiative to develop an improved solution for decarbonization pathways in the US and Canada, which could be adopted by CRREM and others globally. More meaningful decarbonization pathways will help investors properly measure transition risks and set targets, setting the industry up to make real progress in decarbonizing the built environment.
Evolution over the Six Stages will likely be uneven over time, geography and investor type. This unevenness could provide investors at more advanced stages an advantage over less progressed investors. For instance, an investor who has incorporated a carbon business case into their investment process is at an advantage to appropriately price opportunities. For example, it should help investors identify attractive brown-to-green strategies.

Footnotes

¹ The Message, translated from the Hebrew scriptures by Eugene Peterson (1993-2002).

²These are all part of the learning that occurs with any “treatment hypothesis.” The science of public health provides solid evidence to weigh whether the “treatment” is helping, hurting or having no impact on the eradication of the underlying disease. In real estate, a good example of this is the gradual discovery that with certain types of asbestos, it is more dangerous to remove it than to “encapsulate” it in an existing structure. The science of “decarbonization” is still being established to determine whether, for example, the mass production of lithium batteries does as much harm as the burning of fossil fuels. For real estate and climate change, the “treatment” will likely focus on energy efficiency/ decarbonization interventions that are a combination of government penalties/incentives and voluntary actions. The effectiveness of these treatments will depend on compliance, market response, and how well interventions find acceptance through the political process.

Important Notice and Disclaimer

This publication does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or any interests in any investment products advised by, or the advisory services of, LaSalle Investment Management (together with its global investment advisory affiliates, “LaSalle”). This publication has been prepared without regard to the specific investment objectives, financial situation or particular needs of recipients and under no circumstances is this publication on its own intended to be, or serve as, investment advice. The discussions set forth in this publication are intended for informational purposes only, do not constitute investment advice and are subject to correction, completion and amendment without notice. Further, nothing herein constitutes legal or tax advice. Prior to making any investment, an investor should consult with its own investment, accounting, legal and tax advisers to independently evaluate the risks, consequences and suitability of that investment.

LaSalle has taken reasonable care to ensure that the information contained in this publication is accurate and has been obtained from reliable sources. Any opinions, forecasts, projections or other statements that are made in this publication are forward-looking statements. Although LaSalle believes that the expectations reflected in such forward-looking statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Accordingly, LaSalle does not make any express or implied representation or warranty, and no responsibility is accepted with respect to the adequacy, accuracy, completeness or reasonableness of the facts, opinions, estimates, forecasts, or other information set out in this publication or any further information, written or oral notice, or other document at any time supplied in connection with this publication. LaSalle does not undertake and is under no obligation to update or keep current the information or content contained in this publication for future events. LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication and nothing contained herein shall be relied upon as a promise or guarantee regarding any future events or performance.

By accepting receipt of this publication, the recipient agrees not to distribute, offer or sell this publication or copies of it and agrees not to make use of the publication other than for its own general information purposes.

Copyright © LaSalle Investment Management 2024. All rights reserved. No part of this document may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of LaSalle Investment Management.

Report Summary: Physical climate risk data can be a powerful tool for managing asset and portfolio risk and returns. Learn what strategies leading firms are using to manage physical climate risks and navigate market challenges. The latest report from the Urban Land Institute and LaSalle Investment Management builds on their previous report, How to Choose, Use, and Better Understand Climate Risk Analytics, to describe how leading firms are leveraging physical climate-risk data in underwriting practices. With insight into asset- and portfolio-level risk becoming increasingly easy to obtain, new challenges lie in effective interpretation and integration of information into investment practices. Relying on research and interviews with industry leaders, this report provides a nuanced exploration of this emergent issue.

Read the report on the ULI’s Knowledge Finder

Physical Climate Risks and Underwriting Practices in Assets and Portfolios is structured into three sections, each addressing different aspects of the industry’s response to climate-risk data:

Section 1. Explore the current state of the industry, finding that:

• Leading firms actively coach their teams on physical risk.
• Regulatory trends affect, but do not motivate physical risk assessment.
• Different geographies approach physical with their own level of urgency.
• Investment managers tend to focus on fund risk, capital providers on portfolio risk.
• Tools to understand and price physical risk are still in a nascent stage of development.

Section 2. Examines the application of climate data in decision making. Key findings include:

• Aggregate physical risk is a screening tool; individual hazard risk is actionable information.
• Climate value at risk remains opaque; the utility of the single number offers value but needs increased transparency.
• Atypical hazard risk (e.g., flood in a desert) merits increased attention.
• External consultants can frequently fill skill gaps, especially for firms with less in-house expertise.
• While no predominant timeframe or Representative Concentration Pathway (RCP) emerged as industry standard, the 2030 and 2050 benchmarks were the most commonly referenced time horizon.

Section 3. Assess the impact of physical climate risk on acquisition, underwriting, and disposition practices; finding that:

• Leading firms start with a top-down assessment of physical risk.
• Market concentration of physical risk is analogous to other concentration risks—a nuanced analysis is required.
• Capital expenditure for resilience projections is a key forecast but rife with uncertainty.
• Local-market climate mitigation measures are important to understand but difficult to forecast.
• Exit cap rate discount for estimated physical risk is an increasingly commonly used tool, frequently 25 to 50 basis points.
• Firms infrequently disclose physical risk but the market needs increased transparency.

Important Notice and Disclaimer

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle manages both closed-end funds and separate accounts that seek to provide attractive risk-adjusted returns in Canadian real estate.

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Assets in Canadian dollars; data as of September 30, 2024; returns may increase or decrease as a result of exchange rate fluctuation.

The value-add strategy is focused on investing in assets that have significant potential for value creation, has a moderate exposure to ground-up development and a flexible approach to reposition-to-sell and build-to-core strategies. The team has successfully closed six previous vehicles and has 20+ years of experience across property sectors in major Canadian markets.

Why invest?

Bird's eye view on the city in the night

A robust real estate market

Canada is of the few AAA sovereign markets with a sizable and transparent real estate market. G7 leading population growth, a highly educated workforce and a service-oriented economy all point to continued demand.

Multi-sector exposure

The value-add team in Canada focuses on building diversified portfolios of assets where user demand is strongest but supply is insufficient. The team is also able to pivot with changing market conditions.

Bird's eyef view on the city and greenery

Active asset management

LaSalle’s Canadian asset management team drives returns in our portfolio of assets. By identifying opportunities for value creation and execution, the team seeks to manage downside risk and aims to realize income and value for investors.

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Strategic, research-based approach

The ability to harness and synthesize information is key to the success of the Canadian value-add team. They regularly draw on the expertise of LaSalle’s data-driven, in-house Research and Strategy team, who are actively involved in advising on strategy and investment decisions.

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For a full description of the risks associated with investing in any opportunity, please refer to the “Summary of Risks” in the relevant offering memorandum.

Sustainability

LaSalle recognizes that ESG factors, when properly applied, can positively influence investment performance. We tailor our approach to each fund and each asset, working to protect and enhance financial returns today and in the future. We are proud to have achieved a score of A+ from the UN PRI for both strategy and governance and property. We have also committed to being a net zero carbon firm by 2050.

By working to improve energy efficiency, lower emissions and capture resources such as sunlight and rainwater, we’re improving performance today and building a better tomorrow.

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Important sustainability information

Explore value-add assets in Canada

Office

2 & 30 International Boulevard

Modern flex-office near Canada’s largest international airport

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Residential

East York Apartments

Toronto multifamily complex

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Retail

Mission Junction Shopping Centre

A dominant grocery-anchored shopping center in Mission, British Columbia

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Industrial

Southern Ontario Industrial Portfolio

Six industrial assets across southern Ontario

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Industrial

Toronto Airport Mid-Bay Industrial Portfolio

An eight-building portfolio near Pearson International Airport

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The LaSalle value-add investments team, Canada

Michael Fraidakis

Chief Investment Officer, Canada

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Trevor Thompson-Harry

Deputy Fund Manager, Value-add Strategies

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Amy Barsich

Managing Director, Fund CFO

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John McKinlay

Chief Executive Officer, Canada

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Chris Langstaff

Canada Head of Research and Strategy

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LaSalle Canadian value-add investment news

May 08, 2024 LaSalle Bolsters Senior Leadership Team in Canada Michael Fraidakis joins firm as Head of Alternative Investment Strategies and Chief Investment Officer, Canada.

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Oct 17, 2022 LaSalle BVK Canada Advantage Acquires Toronto Mid-Bay Industrial Portfolio, Multifamily Property 5 min read LaSalle Investment Management (“LaSalle”) announced its fifth Canadian value-add real estate fund in Canada, LaSalle BVK Canada Advantage (“BVK Advantage” or “the fund”), expanded its portfolio through the acquisitions of a mid-bay industrial portfolio and multifamily property.

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Jan 24, 2022 LaSalle completes final close of fifth Canadian value-add fund at over C$300m 4 min read LaSalle Investment Management (“LaSalle”) today announced it completed the final close of LaSalle Canadian Income & Growth Advantage Fund (“CIG Advantage”, the “Fund”) at an aggregate total of C$306 million.

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Important information

This webpage is for informational purposes and to give a general overview of LaSalle Investment Management. This webpage does not constitute an offer to sell, or the solicitation of an offer to acquire any interests in any collective investment vehicle, arrangement, entity, joint venture, club, separate account mandate or for the advisory services of LaSalle Investment Management or its affiliates. Should an interest in any of the foregoing be offered by LaSalle Investment Management or the services of LaSalle Investment Management be made available, then such offer or services will only be made available following the registration, authorization, license or other form of notification pursuant to the rules of the relevant country being obtained or otherwise satisfied. You are responsible for obtaining your own legal and tax advice in respect of any investment.

Important information about sustainability

A decision to invest in any investment opportunity should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering documents relating to the relevant investment opportunity before making any final investment decision.

Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle Investment Management are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle Investment Management for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle Investment Management (in each case, at LaSalle’s sole discretion).

Important information about Canadian value-add assets

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments, or returns on any such investments, to be made by LaSalle Investment Management. This information has been prepared by LaSalle Investment Management in order to illustrate the type of assets previously held and/or transactions completed by LaSalle Investment Management; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle manages a series of closed-end funds with an emphasis on value-oriented and structured investment opportunities in established European markets.

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Data as of September 30, 2024; professionals operate across multiple investment strategies as part of LaSalle’s Debt and Value-add platform.

The value-add strategy uses a flexible approach to capitalize on opportunities across the capital structure including direct investment, joint venture equity, preferred equity, distressed situations and profit-participating debt. The team is comprised of over 20 professionals who have extensive experience across type and through multiple market cycles.

Why invest?

Diversified investment strategy

The strategy is focused on secular growth opportunities in key Western European markets, in particular the living, life sciences, wellness and distribution sectors. We maintain the flexibility to seek out dislocation opportunities in other sectors when they arise.

Dedicated team, extensive experience

The team is comprised of over 20 professionals and the senior leadership has an average of over 20 years’ experience. To ensure alignment of interest, LaSalle employees co-invest in the strategies.

Active asset management

LaSalle’s Asset Management team plays a key role generating returns in the portfolio. We create value through repositioning and developing assets, formulating portfolio aggregation strategies and through our deal-sourcing network, with the majority of acquisitions conducted off-market.

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Strategic, research-based approach

The ability to harness and synthesize information is key to the success of the European value-add team. We regularly draw on the expertise of LaSalle’s data-driven, in-house Research and Strategy team, who is actively involved in advising on strategy and investment decisions.

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For a full description of the risks associated with investing in any opportunity, please refer to the “Summary of Risks” in the relevant offering memorandum.

Explore value-add assets in Europe

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Residential

Fulton & Fifth

A high-quality residential-led development located in the Wembley are of London with a wide range of amenities and community benefits

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Office

Maison Bayard

A landmark office building in central Paris with realized development potential

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Niche

Met House

An education building in the vibrant East London district of Whitechapel.

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The LaSalle value-add investments team, Europe

Michael Zerda

Head of Debt and Value-Add Strategies, Europe

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Blake Loveless

Head of Value-Add Investments

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Chris Lewis

Managing Director, Value-Add Investments

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Kevin Kong

Director, Value-Add Investments

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Gary Moore

Head of International Accounts, Europe

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LaSalle European value-add investment news

Nov 21, 2024 LaSalle and Urbania launch Spanish living joint venture delivering over 850 PBSA and flex-living beds in Barcelona LaSalle and Urbania have received building permits for a 14,500 sqm student accommodation development, slated for opening in September 2025.

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Nov 11, 2024 The Amp secures additional 19,000 square feet from London College of Contemporary Arts Expansion of LCCA footprint takes The Amp to near-full occupation in just two years.

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Sep 03, 2024 LaSalle and Trilogy bring De Montfort University to education and innovation campus in East London De Montfort will take 18,000 square feet, taking The Amp’s total occupancy to 83% since its opening last September.

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Important information about sustainability

Important information about European value-add assets

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle manages a series of closed-end funds that seek to provide attractive risk-adjusted returns in US real estate.

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Assets in US dollars; data as of September 30, 2024; returns may increase or decrease as a result of exchange rate fluctuation.

The value-add strategy is focused on repositioning non-stabilized, emerging or transitional real estate across the United States into stable, cash-flowing assets that appeal to a wide range of long-term buyers. The specialist team has successfully closed eight previous funds and have over 25 years of experience across property sectors in major US markets.

Why invest?

Multi-sector exposure

The US value-add team focuses on building diversified portfolios of assets where user demand is the strongest, but supply is insufficient: residential, industrial, life science and medical office. They are able to pivot with changing market conditions.

Dedicated team, meaningful alignment

The US value-add team is comprised of over 15 professionals who are dedicated solely to the value-add investing platform. To ensure alignment of interest, LaSalle employees co-invest in the strategies.

Active asset management

LaSalle’s Asset Management team plays a key role generating returns in the portfolio of assets. They create value through repositioning assets, managing risk-mitigated ground-up development and executing portfolio aggregation strategies, with the vast majority of acquisitions conducted on an off-market basis.

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Strategic, research-based approach

The ability to harness and synthesize information is key to the success of the US value-add investments team. They regularly draw on the expertise of LaSalle’s data-driven, in-house Research and Strategy team, who are actively involved in advising on strategy and investment decisions.

Learn more

For a full description of the risks associated with investing in any opportunity, please refer to the “Summary of Risks” in the relevant offering memorandum.

Sustainability

By capturing more data on energy efficiency, emissions and other metrics such as resource capture and community benefits, we’re tracking our improvements. In helping investors meet their own sustainability goals, we aim to realize both superior performance and a better tomorrow.

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Important sustainability information

The LaSalle value-add investments team, United States

Jeffrey Shuster

President, LaSalle Value Partners US

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Ty Spearing

Head of Asset Management and Dispositions

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Amanda Hassan

Senior Vice President, Value-add Investments

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Michelle Gottlieb

Senior Vice President, Asset Management

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Zachary Bublitz

Senior Vice President, LaSalle Value Partners US

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Brian Wilkinson

Senior Vice President, Asset Management

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Brian Gorz

Chief Financial Officer

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Joseph Diamond

Portfolio Controller

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LaSalle US value-add investment news

Apr 29, 2024 Jeffrey Shuster named President of LaSalle Value Partners US; will lead US high-return strategies In his new role, Jeffrey will lead LVP US, LaSalle’s flagship value-add fund series in the United States and spearhead LaSalle’s expansion of high return investment offerings in the U.S.

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Aug 05, 2020 Jeff Shuster Joins LaSalle as Managing Director for its US Value-Add Fund Series 3 min read LaSalle Investment Management (“LaSalle”) today announced that its U.S. value-add fund series, LaSalle Income & Growth, has bolstered its investment team with the hiring of Jeff Shuster as Managing Director and Senior Acquisitions Officer.

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Feb 22, 2019 LaSalle Acquires Value-Add Multifamily Asset in Dallas 4 min read LaSalle Investment Management (“LaSalle”) today announced that its U.S. value-add fund, LaSalle Income & Growth Fund VII (“Fund VII”), has acquired Rienzi at Turtle Creek, a 152-unit high-rise rental apartment community in the affluent Turtle Creek submarket of Dallas, Texas.

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Important information

Important information about sustainability

Important information about US value-add assets

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle Debt Investors manages funds consisting of floating-rate, first-mortgage bridge financing to value-add commercial real estate assets in growth markets across the United States.

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closed funds
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years of experience
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loans originated
$ 0b

transaction volume

Assets in US dollars; data as of September 30, 2024

Through a series of closed-end funds, LaSalle Debt Investors offers real estate debt investment solutions that aim to provide an attractive alternative to traditional fixed income investments. The goal of the funds is to capture cash flow while also targeting downside protection.

Why invest?

Focus on growth markets

The team invests in tactical opportunities in select American markets. Some of the attributes they look for are barriers to new development, sustained job growth and regions with diverse economies.

Secure asset class with a low default rate

Short-term real estate debt has historically had a low default rate, particularly in the growth markets where the team invests.

Strong access to deal flow

A strong reputation in the market based on quick and efficient closing has allowed the LaSalle Debt Investors team to build solid, long-term relationships with sponsors. Currently over 40% of sponsors are repeat borrowers.

Integrated origination and underwriting

The integrated nature of LaSalle’s origination and underwriting team help to provide end-to-end confidence in the assets, the sponsors and the projects loans are meant to fund.

Continuous and proactive in-house asset management

Unlike some lenders, asset management is not outsourced. The team monitors both finances and renovations, with regular site visits and quarterly reporting on progress embedded into the process.

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Strategic, research-based approach

The ability to harness and synthesize information is key to the success of the LaSalle Debt Investors team. They regularly draw on the expertise of LaSalle’s data-driven, in-house Research and Strategy team, who are actively involved in setting strategy and making investment decisions.

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Looking to borrow money for your real estate project? Visit our alternative lending solutions page.

The LaSalle Debt Investors team

Glenn Sonnenberg

Executive Chairman

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Chip Sellers

Executive Vice President

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Craig Oram

Portfolio Manager and President, LaSalle Debt Investors

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Luke Mehring

Senior Vice President

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Mark Milovic

Managing Director, Head of US Debt Originations

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Melody Zaghi

Vice President

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James Lee

Senior Vice President

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LaSalle news

Architectural rendering of The Galleries redevelopment in Bristol. Mixed-use buildings with green balconies surround a vibrant pedestrian area. People stroll and relax among trees, planters, and outdoor cafes in this modern urban streetscape.

Jan 30, 2025 LaSalle and Deeley Freed obtain planning permission for Bristol shopping centre redevelopment Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.

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Modern apartment complex with white buildings surrounding a central courtyard. The courtyard features paved walkways, landscaped areas, and a seating area with large blue deck chairs branded "Pavilion Court". Young trees and a wooden gazebo structure are visible in the courtyard space.

Jan 28, 2025 LaSalle provides a £100m loan for Apollo’s 699-bed PBSA asset, Pavilion Court, in Wembley Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.

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Jan 10, 2025 LaSalle provides a £68.7 million green loan for Vita’s 540-bed PBSA scheme in central Birmingham Located on Gough Street, the asset will benefit from excellent rail, bus and tram links and help address the undersupply of student housing in the market.

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Important information

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

Since launching in 2010, LaSalle’s European debt platform has been one of the continent’s most active alternative real estate debt providers.*

€ 0b

of credit committed
0

years investing in credit
0+

transactions since 2010
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investment professionals

Data as of June 30, 2024; assets in euros. Returns may increase or decrease as a result of exchange rate fluctuation. Professionals operate across multiple investment strategies as part of LaSalle’s Debt and Value-add platform.

We are one of the leading European real estate debt businesses,* providing comprehensive financing solutions across the geographic and risk spectrum.

Why invest?

Experienced, pan-European team

Our European Debt Investment team is comprised of over 20 investment professionals representing 9 nationalities with a broad range of credit investing experience.

Broad range of debt strategies

We provide creative and bespoke financing solutions, including senior debt, whole loans, mezzanine debt and development lending.

Illuminated streets between trees at night

Proprietary sourcing channels

We have a long-standing track record of repeat business with market leading sponsors across Europe. Over the past decade we have built a strong reputation for providing quick and efficient financing solutions to our sponsors.

Strategic, research-based approach

We regularly draw on the expertise of LaSalle’s data-driven, in-house Research and Strategy team, who are actively involved in advising on strategy.

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For a full description of the risks associated with investing in any opportunity, please refer to the “Summary of Risks” in the relevant offering memorandum.

Sustainability

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Looking to borrow money for your real estate project? Visit our alternative lending solutions page.

The LaSalle Real Estate Debt Strategies team

Michael Zerda

Head of Debt and Value-Add Strategies, Europe

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David White

Head of Real Estate Debt Strategies, Europe

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Nathan Jackson

Director, European Debt Investments

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Bobby Fay

Director, European Debt Investments

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LaSalle European Debt Investments news

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*LaSalle’s debt platform ranked third in Europe by Real Estate Capital Magazine: Debt Fund 30 Ranking, 2022

Important information

Important information about sustainability

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle’s Global Solutions platform is focused on connecting investors with opportunities around the world. We do this by aiming to provide best-in-class indirect investment solutions both through public equities and private structured vehicles. The strength and scale of the LaSalle Global Solutions platform means that we are often able to do this with a lower minimum investment than would be required for investors seeking these opportunities on their own.

$ 0b

assets under management
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approved investments
0+

employees

As of September 30, 2024; assets in US dollars and includes securities investments. Returns may increase or decrease as a result of exchange rate fluctuation.

LaSalle Global Solutions aims to deliver durable, long-term income and attractive total returns to investors. We do this by taking advantage of a broad opportunity set and a disciplined investment process to build portfolios that meet client investment objectives while adhering to their risk tolerances. Our ability to move across geographies and sectors, and from equity to debt, provides opportunities to better capture returns as market conditions evolve.

Execution strategies

Funds

The LaSalle Global Solutions team can construct customized portfolios of listed and/or unlisted real estate funds designed to meet investor needs and risk tolerances. Fund portfolios typically give investors access to a diversified set of assets within existing and efficient structures.

Joint ventures

Available to select investors where their funds are invested alongside either LaSalle’s funds or those of other real estate operators. In these investments, both parties usually (but do not always) have an equal share in decision making.

Co-investments and club deals

Co-investment and club deal opportunities are suitable for a range of investors where their funds are invested alongside the funds of other LaSalle clients. In these arrangements, each party will typically have voting rights equal to their overall contribution to the investment.

Secondaries

We can secure opportunities to acquire interests in funds on an opportunistic, discounted basis or as a way to accelerate investment into a fund with a long queue. In either case, clients benefit by capturing value not available in the normal course of property acquisitions and fund investing.

Bespoke mandates

The multi-disciplinary Global Solutions team can construct bespoke mandates from a combination of any of the above strategies, as well as publicly traded securities (REITs). This approach allows the team to build portfolios that aim to capture attractive real-time relative value across sectors and geographies.

Commingled investments

The LaSalle Global Solutions team offers a commingled investment fund that seeks out attractive investments we believe are priced below their fair market value. Through indirect ownership and using an open architecture framework, the Fund maximises the opportunities available to its investors.

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Bird's eye view on the shoreline and the city

Sustainability

At LaSalle Global Solutions, we believe that responsible investment requires a detailed understanding of sustainability issues.

We work with our partners and advisors to seek to ensure the real estate industry plays a key role in addressing the world’s sustainability challenges. We believe that through our commitment to sustainability and its complexities we will continue to deliver our clients’ investment objectives.

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Important sustainability information

Explore the LaSalle Global Solutions portfolio

Industrial

20 Tuas South Avenue

Three industrial buildings in a well-located district of Singapore

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Niche

Princes Street hotel

A proposed top-tier hotel in the centre of Edinburgh’s Old Town.

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The LaSalle Global Solutions team

Lisa Kaufman

Head of LaSalle Global Solutions

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Catriona Allen

Senior Fund Manager

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Rachel Fenwick

Chief Operating and Financial Officer

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Jennifer Gaines

Deputy Global Portfolio Manager

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Eduardo Gorab

Managing Director, Global Research and Strategy

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Kathleen Jowett

Head of Sustainability, LaSalle Global Solutions

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Andrew Muscat

Global Head of Investor Accounting and Finance

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JB Park

Head of Investor Relations, Asia Pacific

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LaSalle Global Solutions news

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Important information

Important information about sustainability and LaSalle Global Solutions

Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle’s Global Securities team combines more than 35 years of investment expertise with a disciplined, active, valuation-based investment approach to provide investors customized real estate securities portfolio solutions.

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assets under management
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years of experience
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years average portfolio manager experience at LaSalle
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real estate companies under coverage

As of September 30, 2024; assets in US dollars. Returns may increase or decrease as a result of exchange rate fluctuation.

REITs offer investors a degree of liquidity and diversification that would otherwise be difficult to achieve in the real estate market.

Global Securities strategies

Opportunistic

The opportunistic strategy is a highly focused, tactical portfolio focused on select opportunities with highly compelling valuations.

Investment guidelines

10-20 names
Absolute return
Benchmark unaware

Completion

The completion securities strategy accesses non-traditional property sectors not easily accessible through direct real estate.

Investment guidelines

15-30 names
Determine eligible property sectors
Custom benchmark

Conventional

The conventional strategy takes an active management approach in seeking to identify the most attractively valued real estate stocks.

Investment guidelines

60-90 names
Relative return
Benchmark aware

Core

The core strategy pursues a lower risk profile than the investment universe.

Investment guidelines

50-80 names
Screen for high risk factor
Benchmark aware

Underlying investments in real estates are speculative and involve special risks, and there can be no assurance that the investment objectives will be realized or that suitable investment opportunities will be identified. There is no guarantee that the investment strategies described herein will perform as expected.

Sustainability

LaSalle Securities’ approach is based on active management – properly valuing all aspects of a company, including ESG, and focusing on improving deficiencies and creating value as a result.

We consider ESG factors in our projection of a company’s earnings, our determination of the risk/required return for a company’s real estate, business model, management capabilities and our determination of the long term growth potential of the company’s earnings. We create a proprietary ESG score for each company which is factored into each company’s franchise or platform value.

In addition to integrating ESG in our investment process, we play an active role in championing the continued improvement of corporate ESG initiatives via proxy voting and direct dialogue with company boards and senior management.

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Important sustainability information

Proxy voting policy

LaSalle Securities’ policy is to vote any Proxy in the best interest of its Clients. To read the full policy, please click the link below

Read the policy

See our proxy voting record

The LaSalle Global Securities team

Lisa Kaufman

Head of LaSalle Global Solutions

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Matthew Sgrizzi

Chief Investment Officer, LaSalle Global Solutions

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Benjamin Lentz

Chief Investment Officer, Global Quantitative Strategy

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Paul Meierdierck

Securities Global Portfolio Manager

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Christopher Battista

Senior Product Manager, LaSalle Global Solutions

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Yelena Diggs

Senior Product Manager, LaSalle Global Solutions

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Scott McWilliams

Director of Operations, LaSalle Global Solutions

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Important information

Notice to recipients in the EU: With effect from the fund being registered for “marketing” pursuant to the provisions of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (as amended), this webpage constitutes a “marketing communication” for the purpose of the “Guidelines on marketing communications under the Regulation on cross-border distribution of funds” (effective 2 February 2022) as issued by the European Securities and Markets Authority pursuant to Article 4(6) of Regulation (EU) No 345/2019). Please refer to the offering memorandum of the Fund before making any final investment decision.

Important information about sustainability and LaSalle Global Securities

A decision to invest should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering document before making any final investment decision.

Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle’s value-add investments in the Asia Pacific region target opportunistic returns by capitalizing on attractive real estate fundamentals in the region’s key markets as well as macro trends and investment themes.

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prior funds
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years of experience
$ 0b

in equity commitments

Assets are in US dollars; data as of March 31, 2024

The Asia Pacific value-add strategy takes advantage of mispriced assets in Asia Pacific’s key markets including Australia, China, Hong Kong, Japan, Korea and Singapore, with opportunities to add value through repositioning, redevelopment and active asset management. It is backed by the expertise and experience of strong local teams in LaSalle’s Asia Pacific platform, which has been operating since 2000.

Why invest?

Asia Pacific real estate

The Asia Pacific region represents over half of the world’s population and over 40% of its GDP. Structural demand drivers in the region have been supportive of both rents and capital values. We do not expect this trend to change in the near term.

Disciplined investment approach

The strategy focuses on developed Asia Pacific economies and liquid markets where there is opportunity to create value through repositioning assets and de-risked development. LaSalle’s end goal is to create core assets that will meet long-term investor demand.

Active asset management

LaSalle’s Asia Pacific asset management team is located across the region and plays a key role in helping to generate returns in the Asia Pacific value-add portfolio of assets. The team has more than 60 investment professionals led by a senior management team which has more than 20 years of experience.

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Strategic, research-based approach

The ability to harness and synthesize information is key to the success of LaSalle’s Asia Pacific value-add investment team, which regularly draws on the expertise of LaSalle’s data-driven, in-house Research and Strategy team in setting strategy and making investment decisions.

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For a full description of the risks associated with investing in any investment opportunity, please refer to the “Summary of Risks” the relevant offering memorandum.

Sustainability

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Important sustainability information

The LaSalle value-add investments team, Asia Pacific

Marc Montanus

Senior Managing Director, Fund Management

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Yen Tjin Chan

Senior Managing Director, Fund Management

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Kunihiko (‘Nick’) Okumura

Chief Executive Officer, Japan

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Claire Tang

Head of Greater China

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LaSalle News

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Important information

Important information about sustainability

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

The LaSalle Property Fund invests in and manages a portfolio of diversified high-quality core real estate assets in major markets across the US in the industrial, multifamily, office, retail and niche sectors.

$ 0b

GAV*
$ 0b

NAV
0%+

occupancy rate**
0-star

GRESB rating***

As of September 30, 2024; assets in US dollars. Returns may increase or decrease as a result of exchange rate fluctuation. *Includes real estate assets as well as all other property and Fund level assets such as cash and receivables. **Occupancy rate reflects operating investments, as defined by NCREIF, and is weighted by gross asset value at the Fund’s ownership share. ***Please see information regarding GRESB ratings at the bottom of this page.

The LaSalle Property Fund’s investment management team is based in Chicago and supported by an extensive asset management team based in offices across the United States. Together they are focused on delivering value and maximizing long-term returns for clients.

Why invest?

A panorama of the city against the setting sun

Over a decade of performance

Since its inception in 2010, the LaSalle Property Fund has focused on creating and managing a portfolio with an emphasis on property types with strong growth potential and lesser risk of disruption from secular changes.

A diverse portfolio of assets

The Fund’s assets are diversified across major and niche property sectors in major American markets, aiming to provide reliable returns, even when markets stumble. Compared to the OCDE Index, the Fund has longer average leases, higher exposure to emerging sectors such as medical offices and less asset concentration.

Active asset management

LaSalle’s asset management team plays a key role in our strategy to generate returns in the Fund’s portfolio of assets. By suggesting and managing improvements to the buildings the Fund owns, they seek to mitigate downside risk and unlock income and value.

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Strategic investment approach

The Fund’s Investment Managers work hand-in-hand with LaSalle’s Research and Strategy Team, helping to develop the LaSalle Property Fund’s investment strategy and make sound transactional decisions.

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For a full description of the risks associated with investing in the Fund, please refer to the “Summary of Risks” in the offering memorandum.

A cafe with a terrace among office buildings

Sustainability

The LaSalle Property Fund’s commitment to strong environmental, social and governance principles is exhibited both at the fund and firm level. The Fund has earned a three-star GRESB rating, while LaSalle has committed to reaching net zero carbon by 2050.

The Fund actively pursues energy, water, and waste efficiency initiatives to reduce its environmental impact and pursues sustainability certifications across the portfolio. And in helping investors meet their own sustainability goals, we aim to realize both superior performance and a better tomorrow.

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Important sustainability information

Explore the LaSalle Property Fund portfolio

Residential

Legacy at Highlands Ranch

A high-quality, garden-style apartment community in suburban Denver

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Retail

San Jose Marketcenter

A purpose-built retail center in a highly sought-after retail area.

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Niche

Illumina, San Diego

A partial interest in a world-class life sciences facility

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Modern building with light illumination upstairs

Niche

Memorial Hermann Medical Plaza

A 28-story medical office building in the world’s largest healthcare complex.

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Metro Self Storage banner with the building in the background

Niche

Self-storage portfolio

Self-storage facilities in areas of high demand

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Important information about the LaSalle Property Fund’s portfolio of assets

The LaSalle Property Fund team

Jim Garvey

Portfolio Manager and President, LaSalle Property Fund

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Alfreda Delle

Deputy Portfolio Manager, LaSalle Property Fund

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Ryan DeReus

Chief Financial Officer, LaSalle Property Fund

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Kevin Dalrymple

Associate Vice President, LaSalle Property Fund

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LaSalle Property Fund news

Jan 06, 2025 LaSalle acquires Tempe Commerce Park in Metro Phoenix, Arizona The five-building industrial complex was acquired on behalf of the LaSalle Property Fund.

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Oct 21, 2024 LaSalle achieves seven 5-star ratings in 2024 GRESB assessment The 2023 Global Real Estate Sustainability Benchmark (GRESB) has recognized 20 LaSalle funds and separate accounts, domiciled across Europe, North America and Asia-Pacific, for their ESG standards.

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Sep 27, 2024 LaSalle acquires Buckeye85, Class A industrial building in Phoenix LaSalle Property Fund has acquired the core industrial building located in the heart of metro Phoenix.

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Important information

Notice to recipients in the EU: With effect from the fund being registered for “marketing” pursuant to the provisions of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (as amended), this webpage constitutes a “marketing communication” for the purpose of the “Guidelines on marketing communications under the Regulation on cross-border distribution of funds” (effective 2 February 2022) as issued by the European Securities and Markets Authority pursuant to Article 4(6) of Regulation (EU) No 345/2019). Please refer to the offering memorandum of the Fund before making any final investment decision.

LaSalle Property Fund is part of the NCREIF ODCE Index, and this index is used as a reference point for the Fund’s performance. The Fund is actively managed.

Important information about sustainability and the LaSalle Property Fund

A decision to invest in the Fund should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering memorandum of the Fund before making any final investment decision.

Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).

LaSalle received a GRESB rating in October 2024, covering the period from January to December 2023. LaSalle pays a membership fee to GRESB.

Sustainable Finance Disclosure Regulation (SFDR)

If you are an investor or prospective investor in LaSalle Property Fund, please log in to the Investor Portal or Dataroom to access the SFDR disclosures. If you do not have access, please Contact Us.

Important information about the LaSalle Property Fund’s portfolio of assets

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

Custom accounts have always formed a core part of LaSalle’s investment management business. They provide the ultimate flexibility for investors and are fully customizable to suit investment and performance requirements.

$ 0b

AUM*
0+

years investing
0+

custom accounts clients globally*

As of September 30, 2024; assets in US dollars. Returns may increase or decrease as a result of exchange rate fluctuation.
* Excludes custom accounts comprised of indirect holdings and/or public securities.

Every custom account strategy is tailored by property type, geography, target returns, risk and liquidity needs. They may be limited to a particular sector or geography, or they may invest on a multi-sector or global basis.

Example custom account mandates

Absolute return

Custom accounts with an absolute return mandate aim to outperform a specific target, which is reviewed on a regular basis and agreed with the investor.

Long income

Long income mandates aim for a return above inflation or government bonds over the long term; they can be comprised of index-linked leased property, or of a more diversified portfolio, where rental growth is linked to inflation and tends to exclude volatile sectors and locations.

Illuminated buildings and roads in the city

Relative return

Each investor mandate with a relative return target has the objective of meeting a performance target relative to an MSCI benchmark over a certain period.

Tactical

Tactical mandates typically have a specific return expectation, focus and timeframe that varies based on the requirements of the investor.

All custom accounts benefit from

Active asset management

LaSalle’s asset management team plays a key role in our strategy to generate returns for our investors. By suggesting and managing improvements to properties, they both seek to mitigate downside risk and unlock income and value.

Learn more

Strategic investment approach

Investment Managers works hand-in-hand with LaSalle’s Research and Strategy team, helping to develop investment strategy and make sound transactional decisions.

Learn more

For a full description of the risks associated with investing in real estate, please refer to the “Summary of Risks” in the relevant offering document, where applicable.

View of the historic building in the city

Sustainability

LaSalle believes that ESG has an essential, material influence on investment performance. We tailor our approach to each custom account and asset, working to protect and enhance financial returns today and in the future. We are proud to have achieved a score of A+ from the UN PRI for both strategy and governance and property. We have also committed to being a net zero carbon firm by 2050.

By capturing data on energy efficiency, emissions and other metrics, we’re tracking our improvements. In helping investors meet their own sustainability goals, we aim to improve performance today and build and a better tomorrow.

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Important sustainability information

Explore LaSalle custom account assets

Industrial

Atlanta logistics portfolio

Four newly constructed, Class A logistics warehouses located across suburban Atlanta, Georgia

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Office

Sixty London Wall

Grade A office accommodation with excellent sustainability credentials

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Residential

Pier 8 at The Preserve

A luxury apartment community in suburban Tampa

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Office

222 Exhibition Street, Melbourne

An award-winning, showpiece office tower in Australia’s second-largest city

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Office

2020 K Street

A downtown Washington office property with strong sustainability credentials

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Important information about LaSalle’s portfolio of assets held in custom accounts

The LaSalle custom accounts team

Adam Donahue

Head of Custom Accounts, Asia Pacific

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Steve Inglis

Portfolio Manager, US Custom Accounts

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Steven Lieb

Portfolio Manager, US Custom Accounts

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Gary Moore

Head of International Accounts, Europe

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Sophie Simmonds

Managing Director, UK Custom Accounts

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LaSalle custom accounts news

Aug 28, 2024 LaSalle acquires Motel One hotel on Tower Hill LaSalle has acquired a modern, 291-bedroom hotel in the City of London on behalf of a UK Custom Account client.

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Jan 29, 2024 Alexandre Arhuis-Grumbach promoted to Head of Transactions Europe, Core and Core+ Strategies, at LaSalle Alexandre will oversee all transactions, across LaSalle’s core and core+ commingled funds and custom accounts in Europe.

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Jan 25, 2024 LaSalle appoints Multiplex to construct landmark London office development, One Exchange Square The state-of-the-art, 447,000 square foot office development is located at Broadgate Campus in the City of London.

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Important information

Important information about sustainability and LaSalle custom accounts

A decision to invest should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering document, where applicable, before making any final investment decision.

Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).

Important information about assets held within custom accounts at LaSalle

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed within various custom accounts; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle Encore+’s pan-European, location-based strategy is centered around investing in desirable assets in the places where people live, work, shop, and play, both today and into tomorrow.

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GRESB rating

As of September 30, 2024; assets in euros. Returns may increase or decrease as a result of exchange rate fluctuation. Please see information regarding GRESB ratings at the bottom of this page.

As a core plus fund, LaSalle Encore+ aims to provide investors with consistent capital growth and stable, long-term income returns. The Fund was designed with the aim of providing attractive, risk-adjusted returns and a reliable income stream.

The Fund’s core team of 10 investment professionals is supported by a wider team of over 100 individuals* overseeing transactions, finance, investor relations, tax, legal and compliance across LaSalle’s six European offices.

Why invest?

Long-term thinking

The Fund management team’s long-term thinking has provided robust returns over the life of the fund, which has spanned both the Global Financial Crisis of 2008 and the Covid-19 pandemic. Please note that past performance does not predict future returns.

Diversity for income security

LaSalle Encore+’s assets are diversified across all major property sectors with the aim of providing reliable income.

View of the building on the street surrounded by greenery

Active asset management

Our asset management team plays a key role in our strategy to generate returns for the LaSalle Encore+ portfolio. By overseeing improvements to the Fund’s assets, they seek to mitigate downside risk and aim to unlock income and value.

Discover Asset Management

Strategic investment approach

The LaSalle Encore+ team works hand-in-hand with our research colleagues, whose recommendations and insights help to develop the Fund’s investment strategy.

Read our insights

For a full description of the risks associated with investing in the Fund, please refer to the “Summary of Risks” the offering memorandum.

Sustainability

Every day, the LaSalle Encore+ team works to improve the long-term environmental performance of the Fund’s assets. We work closely with tenants to understand their energy needs and help them meet their own commitments.

By working together to improve energy efficiency, lower emissions and capture resources such as sunlight and rainwater, we’re working to improve performance today and build a better tomorrow.

Learn about our impact

Important sustainability information

Explore the LaSalle Encore+ portfolio

Office

Trí, Munich

Two prime office buildings in Munich’s vibrant Westend

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Industrial

Isle d’Abeau, France

A new-build asset located along France’s “logistics backbone” with good access to population centers in three countries

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Industrial

Tigery, Lyon

A new-build logistics warehouse southeast of Paris with access to the A5 Autoroute and the Francilienne (Paris ring road)

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Important information about LaSalle Encore +’s portfolio of assets

The LaSalle Encore+ team

David Ironside

Fund Manager, LaSalle Encore+

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Marianne Hemon-Laurens

Deputy Fund Manager, LaSalle Encore+

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Alexandre Arhuis-Grumbach

Head of Transactions Europe Core and Core+ Strategies

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Max Walmsley

Senior Portfolio Manager

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Yacine Touré

Associate, Fund Management

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Adrien Anrès

Senior Analyst, Fund Management

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Luca Benattar

Senior Analyst, Fund Management

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LaSalle Encore+ news

Nov 07, 2024 LaSalle completes Toulouse senior living development The facility was acquired under a VEFA contract in December 2021 on behalf of Encore+, LaSalle’s flagship pan-European core-plus fund.

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Sep 11, 2024 LaSalle leases 69 Boulevard Haussmann in Paris to FLEX-O LaSalle has agreed a lease of a landmark office building in Paris with a provider of premium coworking and office spaces.

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Important information

Notice to recipients in the EU: With effect from the fund being registered for “marketing” pursuant to the provisions of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (as amended), this webpage constitutes a “marketing communication” for the purpose of the “Guidelines on marketing communications under the Regulation on cross-border distribution of funds” (effective 2 February 2022) as issued by the European Securities and Markets Authority pursuant to Article 4(6) of Regulation (EU) No 345/2019). Please refer to the offering memorandum and management regulations of the Fund before making any final investment decision.

The Fund is actively managed.

Important information about sustainability and the LaSalle Encore+

A decision to invest in the Fund should consider all characteristics or objectives disclosed in the offering document. Please refer to the offering memorandum and management regulations of the Fund before making any final investment decision.

Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).

LaSalle Encore+ received a GRESB rating in October 2024, covering the period from January to December 2023. LaSalle pays a membership fee to GRESB.

Sustainable Finance Disclosure Regulation (SFDR)

If you are an investor or prospective investor in LaSalle Encore+, please log in to the Investor Portal or Dataroom to access the SFDR disclosures. If you do not have access, please Contact Us.

In accordance with its offering memorandum, the LaSalle Encore+ properties are valued monthly on RICS International Valuation Standards basis by Cushman & Wakefield and CBRE.

Important information about LaSalle Encore+’s portfolio of assets

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

LaSalle’s investments in Chinese logistics are part of a value-add strategy that aims to capitalize on the growing market for logistics facilities across the country.

The China logistics investment strategy consists of building a diversified portfolio of modern logistics facilities in selective markets with strong fundamentals across the country. The strategy is focused on capturing attractive development margins, while also seeking to acquire and reposition undercapitalized and undermanaged logistics assets. The strategy also invests in or convert existing warehouses into cold chain logistics to capture the strong and rising demand in this sector in China.

Why invest?

Illuminated city against the setting sun

The growing market in China

China’s modern warehouse sector is anchored on the country’s large population and economic base and its long-term fundamental growth drivers. The ongoing structural changes in China and the rapid growth of e-commerce also create potential for a favorable risk-adjusted return profile.

Disciplined investment approach

We rely on a robust in-house market analysis framework to evaluate 66 major cities in China based on factors such as growth potential, transportation connectivity and government support. Through our disciplined approach to location selection we aim to minimize leasing risk and invest in stable projects.

Illuminated buildings and streets of the city

On-ground specialists with established local partnerships

The team comprises more than 20 professionals and a senior team with 20 years of experience, sourcing off-market deals through programmatic joint ventures with local partners.

Strategic, research-based approach

The ability to harness and synthesize information is key to the success of the China logistics investment team, which regularly draws on the expertise of LaSalle’s data-driven, in-house Research and Strategy team in setting strategy and making investment decisions.

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For a full description of the risks associated with investing in any investment opportunity, please refer to the “Summary of Risks” the relevant offering memorandum.

Sustainability

At LaSalle, we are addressing the physical and transitional risks associated with the impacts of climate change and the move to a decarbonized world, with action across all areas of our business. When properly applied, we recognize sustainability criteria can positively influence investment performance.

Within the scope of our fiduciary duty, we use a tailored approach to each asset and portfolio, with each designed to protect and enhance financial returns, today and in the future.

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The Chinese logistics team

Claire Tang

Head of Greater China

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Yen Tjin Chan

Senior Managing Director, Fund Management

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Jan 15, 2024 LaSalle records strong results in GRESB Assessment and ‘Principles for Responsible Investment’ 5 min read The 2023 Global Real Estate Sustainability Benchmark (GRESB) has recognized 20 LaSalle funds and separate accounts, domiciled across Europe, North America and Asia-Pacific, for their ESG standards.

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Nov 08, 2022 LaSalle records high marks in GRESB Assessment and ‘Principles for Responsible Investment’ 5 min read Within the 2022 Global Real Estate Sustainability Benchmark (GRESB), 18 of the firm’s funds and separate accounts have been recognized again for their ESG standards.

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Important information

Important information about sustainability

FOR INTENDED INSTITUTIONAL INVESTORS ONLY – NOT FOR GENERAL PUBLIC DISTRIBUTION

The LaSalle Canada Property Fund invests in and manages a portfolio of assets focused on Canada’s six largest markets.

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GRESB rating

As of September 30, 2024; assets in Canadian dollars. Returns may increase or decrease as a result of exchange rate fluctuation. Please see information regarding GRESB ratings at the bottom of this page.

The LaSalle Canada Property Fund is comprised of a diversified portfolio of assets primarily in industrial, multi family, office and retail with a secondary focus on niche and build-to-core sectors. The Fund’s management team is based in Canada and supported by a Canadian research team and the broader LaSalle Americas real estate platform with the aim of delivering value and maximizing long-term returns.

Why invest?

Canadian real estate

Canada is of the few top-rated sovereign markets with a sizable, transparent real estate market, with income yields being attractive compared to sovereign bonds. Demographic changes of strong population growth, a highly educated workforce and a service-oriented economy point to continued demand.

Diversity for income security

The Fund’s assets are diversified across all major property sectors and across major Canadian markets, including Toronto, Montréal, Vancouver, Ottawa, Calgary and Edmonton to which aims to provide reliable returns.

Active asset management

Toronto and Vancouver-based asset managers are within a day’s reach of all major Canadian markets. They play a key role in our strategy to generate returns from our assets. By suggesting and managing improvements to the buildings the Fund owns, they seek to mitigate downside risk and aim to unlock income and value.

Learn more

Strategic investment approach

The Fund’s Investment Managers work hand-in-hand with LaSalle’s Research and Strategy Team, helping to develop the Fund’s investment strategy and make sound transactional decisions.

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For a full description of the risks associated with investing in the Fund, please refer to the “Summary of Risks” the offering memorandum.

Sustainability

The LaSalle Canada Property Fund’s five-star GRESB rating only conveys a small part of our commitment to sustainability; the Fund’s Airport Square property was one of the first ever office buildings in Canada to achieve Energy Star certification, and 100% of the Fund’s office and industrial holdings are LEED or BOMA BEST certified.

By working to improve energy efficiency, lower emissions and capture resources such as sunlight and rainwater, we’re working to improve performance today and build a better tomorrow.

Learn more

Important sustainability information

Explore the LaSalle Canada Property Fund portfolio

Office

275 Slater, Ottawa

A revitalized office building in Ottawa’s central business district.

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Office

Airport Square, Vancouver

A South Vancouver office tower with strong environmental credentials

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Retail

Guildford Town Centre

One of Canada’s most productive shopping centers in a rapidly growing area

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Office

Maison Manuvie, Montréal

An award-winning office building in downtown Montréal with strong environmental credentials.

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Residential

Rideau & Chapel, Ottawa

A new-build residential and retail development in the heart of Canada’s capital

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Industrial

Toronto Industrial Portfolio

Strategically located warehouse facilities serving the Greater Toronto Area

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Important information about the LaSalle Canada Property Fund’s portfolio of assets

The LaSalle Canada Property Fund team

John McKinlay

Chief Executive Officer, Canada

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Michael Fraidakis

Chief Investment Officer, Canada

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Sam Barbieri

Managing Director, Development and Fund Management

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Amy Barsich

Managing Director, Fund CFO

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Chris Langstaff

Canada Head of Research and Strategy

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LaSalle Canada Property Fund news

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Feb 14, 2023 LaSalle Canada Property fund celebrates five-year anniversary 4 min read Celebrating the five year anniversary of the LaSalle Canada Property Fund.

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Important information

LaSalle Canada Property Fund (Europe) is only being marketed to investors located in the EEA. LaSalle AIFM Europe S.à r.l. is the AIFM of LaSalle Canada Property Fund (Europe). Please refer to the pitchbook for more information in respect of this. The information provided on this webpage does not constitute any advice, offer, solicitation or recommendation to invest in specific investments. It is subject to change, is not legally binding and does not create contractual obligations. This webpage cannot be used as the sole basis for an investment decision or subscription in the LaSalle Canada Property Fund (Europe) presented or to which reference is made on an ancillary basis. Please refer to the Important Notice to Potential Investors Located in the European Economic Area included in the pitchbook for more information.

The Fund is actively managed and the Fund’s performance is not measured against any benchmark.

Important information about sustainability and the LaSalle Canada Property Fund

Except where specified either in this webpage or any other documents, any ESG or impact goals, targets, commitments, incentives, initiatives or outcomes referenced in any information, reporting or disclosures published by LaSalle are not being marketed to investors or promoted and do not bind any investment decisions made in respect of, or the management or stewardship of, any funds managed by LaSalle for the purposes of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures in respect of such ESG or impact goals, targets, commitments, incentives, initiatives or outcomes may be overridden, may not be implemented or may not be immediately applicable to the investments of any funds managed by LaSalle (in each case, at LaSalle’s sole discretion).

The LaSalle Canada Property Fund received a GRESB rating in October 2024, covering the period from January to December 2023. LaSalle pays a membership fee to GRESB.

Sustainable Finance Disclosure Regulation (SFDR)

If you are an investor or prospective investor in LaSalle Canada Property Fund, please log in to the Investor Portal or Dataroom to access the SFDR disclosures. If you do not have access, please Contact Us.

Important information about the LaSalle Canada Property Fund’s portfolio of assets

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.

LaSalle provides a wide range of debt capital solutions throughout the capital structure to owners of commercial, residential and operational real estate. We lend on all major real estate asset classes throughout Western Europe including investment, development and transitional assets positioned in both core commercial as well as operational sectors.

While LaSalle is able to offer loans in a number of European jurisdictions, we cannot originate loans in countries which impose restrictions on alternative lenders. We are happy to provide more information upon request.

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Data as of June 30, 2024

Why choose us?

We are one of the most active non-bank lenders in Europe with over €6.0 billion of lending since 2010.
The team has invested across a broad range of real estate sectors throughout Western Europe, including residential, student housing, hotels, logistics, data centers, self storage, healthcare, life sciences, medical, innovation centers and office.
Our dedicated lending team of professionals includes individuals fluent in English, French, German, Italian and Spanish.
LaSalle’s financing solutions can be customised to suit your funding needs.

Senior-secured loans

Stretched senior loans for investment / transitional assets
Up to 85% LTV / LTC
3-7+ year typical term

Mezzanine finance

Mezzanine loans for both investment / transitional assets
Up to 85% LTV / LTC
3-5+ year typical term

Development finance

Whole loans and mezzanine finance for real estate development projects
Up to 85% LTC
2-5 year typical terms
Ability to offer fixed-rate loans

Special situations

Preferred equity notes / corporate loans / bank capital relief / structured debt buy-back facilities / fund NAV facilities
Bespoke solutions available
2-5 year typical terms

Example loans

Senior-secured loan

€94 million

senior secured facility to finance the acquisition and capex of a pan-European portfolio of logistics and light industrial real estate assets.

Mezzanine loan

€326 million

mezzanine loan to finance the refinancing and refurbishment programme of a portfolio of Iberian hotels.

Development finance

£148 million

whole loan to finance the ground-up development of a well-located and amenitised student housing development in central London.

Looking to invest in European real estate debt? Visit our real estate debt investments page.

European loan originations team

Michael Zerda

Head of Debt and Value-Add Strategies, Europe

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David White

Head of Real Estate Debt Strategies, Europe

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Nathan Jackson

Director, European Debt Investments

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Bobby Fay

Director, European Debt Investments

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European lending news

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Private debt investors can benefit from being at the top of the capital stack and leverage LaSalle’s experience in connecting real estate investors to those seeking capital to finance their real estate projects.

Subject to legal and regulatory considerations, private debt investments at LaSalle are available through our specialty debt teams, the LaSalle Global Solutions platform, or as custom accounts.

Private debt investment options from LaSalle

European debt investments

LaSalle’s European debt platform is one of the continent’s most active investors in real estate debt

LaSalle Debt Investors

Investing in commercial real estate debt in growth markets across the US

LaSalle Global Solutions

Accessing global indirect real estate through public equities and private structured vehicles

Custom accounts

Fully customized portfolios suitable for larger investors

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LaSalle news

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Insights

Impact

Investing

Lending

Asset Management

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About

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The role of behavioral influences

As the world slowly emerges from the worst pandemic since 1918, two of the most frequent questions we hear from investors are: “Will people return to cities? What can we learn from the Asia-Pacific experience?”

Although there are significant differences in the circumstances facing employers, workers, and consumers in each country, we believe it is quite helpful to understand what is occurring in the major cities of the Asia Pacific region as a preview of what might occur in the West. Behavioral influences play a large role. The sooner people are willing to return to their offices, the lower the potential impact on investment performance. Culturally, face-to-face meetings in a formal office setting are often viewed as essential business rituals in countries like China, Japan, and South Korea. In Shanghai, where the re-opening has been the most advanced globally, office demand turned positive in the second quarter of 2020. In Singapore, office demand (net absorption) turned positive in the fourth quarter of 2020, despite the worst economic decline since 1965 and the government’s policy capping office capacity at 50%. Even in the retail sector, which was hit harder by the pandemic than other sectors, occupier demand in Shanghai was positive in 2020. Chinese consumers gradually returned to malls when the health risk largely declined in April (see page 43).

The sooner people are willing to return to their offices, the lower the potential impact on investment performance.

The behavioral approach suggests that human psychology plays an important role in the decisions we make. A rational, fact-based approach to risk assessments and decision-making does not fully explain how people react to dangerous situations and their lingering fears after the danger has passed. The Asian experience seems to demonstrate that “recency bias” can be overcome through confidence-building actions and communications taken by governments and businesses. Despite cautious optimism, uncertainty lingers in major cities like Melbourne and Tokyo (see page 7). Nevertheless, it helps that mask-wearing is fully accepted and ubiquitous across most of the region. During times of uncertainty, behavioral influences on decision making are especially important. For instance, core beliefs, cognitive biases, past experiences, or cultural differences can influence decision making, which could ultimately affect economic and investment outcomes.

We believe the pandemic is a perfect example of why the behavioral approach matters. Asia Pacific’s ability to contain the pandemic is evident in traffic congestion and mobility indices (see pages 7 and 27). Rising mobility is a sign of rising confidence that builds into a virtuous cycle, when it becomes clear that leaving home while wearing a mask and social distancing–does not cause a resurgence of COVID. The pandemic control policies followed in major Asia Pacific countries, even before vaccine rollout, have a positive correlation with the region’s economic resilience, particularly in China, South Korea, Australia, and Singapore. The return of social and economic activities and real estate demand in Asia Pacific show what the West may be able to look forward to, as rising immunity levels in Europe and North America are likely to enable the same virtuous cycle of mobility and activity.

The rollout of COVID-19 vaccines will first help restore domestic activities, particularly in countries that were not able to control the spread of the virus in 2020– a critical step to repair their economies. Ultimately, for the global economy to reach the “new normal”, most likely a significant portion of the world population will need to be vaccinated. However, for now, the reality is that international border controls are getting stricter even in countries where vaccine rollouts have been the most advanced (e.g., the United Kingdom, in part, due to new strains of COVID-19); and in parts of the world that have been the most successful in controlling COVID-19, quarantine and social distancing rules remain stringent (e.g., Australia and Singapore) to ensure the momentum of the domestic recovery continues.

Looking forward, each country has a different vaccination rollout schedule and it could take some time for immunity to rise to levels that vastly reduce the risk of getting infected (see pages 6, 50). In the meantime, the upcoming economic and real estate recovery in most countries will rely more heavily on domestic demand. The experience of Asia Pacific shows us that a return to cities is not only possible, but probable, when both the behavioral and the biological effects of the coronavirus are tamed.

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Value-add investing in Canada

Why invest?

A robust real estate market

Multi-sector exposure

Active asset management

Strategic, research-based approach

Sustainability

Explore value-add assets in Canada

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The LaSalle value-add investments team, Canada

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LaSalle Canadian value-add investment news

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Value-add investing in Europe

Why invest?

Diversified investment strategy

Dedicated team, extensive experience

Active asset management

Strategic, research-based approach

Explore value-add assets in Europe

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Sustainability

The LaSalle value-add investments team, Europe

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Value-add investing in the United States

Why invest?

Multi-sector exposure

Dedicated team, meaningful alignment

Active asset management

Strategic, research-based approach

Sustainability

The LaSalle value-add investments team, United States

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LaSalle Debt Investors

Why invest?

Focus on growth markets

Secure asset class with a low default rate

Strong access to deal flow

Integrated origination and underwriting

Continuous and proactive in-house asset management

Strategic, research-based approach

The LaSalle Debt Investors team

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Debt investments, Europe

Why invest?

Experienced, pan-European team

Broad range of debt strategies

Proprietary sourcing channels

Strategic, research-based approach

Sustainability

The LaSalle Real Estate Debt Strategies team

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LaSalle Global Solutions

Execution strategies

Funds

Joint ventures

Co-investments and club deals

Secondaries

Bespoke mandates

Commingled investments

Sustainability

Explore the LaSalle Global Solutions portfolio

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LaSalle Securities

Global Securities strategies