LaSalle Investment Management ("LaSalle") announced the final closing of the LaSalle French Fund II. Having set out to raise €300 million, the final raise was €338 million which, using 75% leverage, will enable LaSalle to assemble a diversified portfolio of approximately €1.3 billion across France. The European and North American investors in the LaSalle French Fund II include some of the world's largest pensions funds as well as strong local players.
The Fund offers the opportunity to invest in the largest and healthiest market in Continental Europe and capitalize on the current and growing demand for core real estate assets and improving market fundamentals.
Simon Marrison, Managing Director of Continental Europe and President of the LaSalle French Fund II said, "We are extremely pleased with the response from both previous and new investors who were attracted by the depth and quality of our experience in France. Since beginning operations in 1995, we have invested over 2.3 billion throughout the country and have a demonstrable strong track record of realized returns in France".
On behalf of the LaSalle French Fund II we have acquired a 48,000 m2 office development in Gennevilliers, to the immediate northwest of Paris in the Hauts de Seine (92) department. The project will be 300 metres from the Gabriel Péri line 13 metro station and will be developed by Nexity Entreprises. It will form part of a wider redevelopment zone coordinated by the city of Gennevilliers and known as ZAC du Coeur de Ville. Delivery is anticipated to be in April 2008. Finance was arranged by HRE.
Jean-Christophe Bourreille, Head of Acquisitions in France said "Whilst we are actively seeking investments in the four main property types office, warehouses, light industrial and retail across all markets across France - we are also interested in diversifying into emerging property investment sectors, such as hotels and medical space."
Source: LaSalle Investment Management, Inc.