LaSalle completes Toulouse senior living development

Toulouse (November 7, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announces the completion of Quai Saint-Pierre, a senior living development in central Toulouse that was acquired under a VEFA contract in December 2021 on behalf of Encore+, LaSalle’s flagship pan-European core-plus fund.

Quai Saint-Pierre comprises three connected buildings with over 4,500m² in total area, including 89 residential flats and 43 car parking spaces. The property offers excellent amenities to its residents across almost 800m2 of communal spaces, including a restaurant, swimming pool, tea-room with fireplace, library, fitness room, terraces and gardens.

LaSalle Encore+’s acquisition of the asset in 2021 represented the firm’s first senior-living investment in continental Europe and the Fund’s inaugural move into the sector.

The project was fully pre-let at the time of the acquisition from the developer COGEDIM, a subsidiary of the ALTAREA Group. Now completed, Quai Saint-Pierre will be operated by Nohée (previously Cogedim Club), the ALTAREA Group’s integrated senior residence management entity, which led the delivery of the project alongside development project manager Etyo.

Located in the centre of Toulouse, the fourth largest city in France, Quai Saint-Pierre enjoys both an excellent macro and micro location. Toulouse is one of the country’s most attractive urban areas, with its strong transport connections to Paris and temperate climate thanks to its location between the Pyrenees and the Mediterranean. The asset is located in one of the most sought-after, affluent areas of the city along the banks of the Garonne River and will also be well-served by close links to public transport, major road networks and Toulouse-Blagnac Airport.

David Ironside, Fund Manager for LaSalle Encore+, said: “We saw this development as a highly attractive way of increasing LaSalle Encore+’s exposure to alternative property sectors and diversifying our existing asset portfolio. The senior living market is growing as citizens increasingly look to avoid social isolation later in life and reside in higher-quality, fit-for-purpose homes, which fully provide for their needs.”

Jacques-Olivier Gourdon, Deputy Managing Director of LaSalle France, added: “The successful delivery of the project is testament to the skillset of our French asset management team and our strong relationships with partners like Etyo and Cogedim. In the context of increasing land scarcity and intensification of land use, we are very proud to have been able to breathe new life into this brownfield site, which bears witness to the city’s rich industrial past, while at the same time making the most of its remarkable neoclassical architecture.”

The history of the Quai Saint-Pierre site reflects that of Toulouse. Its origins date back to the early Middle Ages, with ship mills, grain mills, pastry mills, and paper makers among the industries established in the area in the 12th century, making the site the city’s first “industrial quarter”. In 1888, the Toulouse Electricity Company transformed the mills into a hydroelectric plant dedicated to public lighting in the city centre. In the 20th century, the site underwent further changes under the leadership of EDF, which took ownership of the power plant and the buildings in 1946. In 2012, a public entity purchased Quai Saint-Pierre with plans to establish the Institute of Political Studies of Toulouse, but the project did not obtain the support of local residents. The site then changed hands again, with the intention of being redeveloped into housing, but after the project stalled, the property was left vacant for several years, until LaSalle secured approval for a senior-living residence in 2021 – marking the latest chapter in Quai Saint-Pierre’s ongoing evolution of uses.

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About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.

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