LaSalle buys £131m London estate in JV

The Chicago-based firm has teamed up with William Pears Group for the £131m purchase of a 4.5 acre site housing a mix of commercial and leisure properties.

LaSalle Investment Management, the Chicago-based real estate investment management arm of global property services firm Jones Lang LaSalle, has acquired an estate of mixed commercial and leisure properties in central London for £131 million (€149 million; $210 million).

LaSalle completed the acquisition in joint venture with The William Pears Group, a London-based private real estate investment company.

The estate, situated along London’s Notting Hill Gate and Kensington Church Street in West London, includes offices, retail, restaurants, a cinema and car parking.

Jonathan Rose, property director at William Pears Group said: “It is very rare that you have the opportunity to purchase an estate of 4.5 acres in such a salubrious part of London.  There are a number of development, refurbishment and asset management opportunities on the estate which we will exploit.”

Amy Aznar, head of special situations at LaSalle Investment Management said: “This investment fits with our strategy of investing in high quality assets in superior locations that offer interesting potential upside through active asset management.”

In an announcement on the acquisition, LaSalle did not specify from which fund the equity for the investment came from however in recent months the firm has been operating from a UK Special Situations Fund. At the end of September, the firm held a first equity closing of £100 million for the vehicle, which will target structured investments and real estate debt among other things.