LaSalle Investment Management has acquired an office building from LFI Le Viala Sarl on behalf of LaSalle French Fund II.
The investment firm will fully refurbish the property, which is located at 36-46 rue du Docteur Finlay in Paris. The firm said in a statement today that it will renovate the block with partners Meunier Immobilier d’Entreprise and OGIC, with a target completion date of June 2009. The 110,000-square-foot property also has 170 car parking spaces, and an inter-company restaurant.
LaSalle launched its French Fund II two years ago with a target of €300 million ($390 million). The fund closed in January 2006 on €338 million, which, using 75 percent leverage, will enable LaSalle to assemble a diversified portfolio of approximately €1.3 billion worth of property across France.
By the time of the fund closing, LaSalle had already acquired a 480,000-square-foot office development in Gennevilliers, which is located to the immediate northwest of Paris in the Hauts de Seine department.
LaSalle Investment Management, the investment management division of global property services group Jones Lang LaSalle, has more than $45 billion of assets under management. In Europe, the firm is run jointly by Simon Marrison and Charles Maudsley. The pair were made co-heads in February this year. Jeff Jacobson is chief executive officer.
Other European funds managed by LaSalle include LaSalle Euro Growth II. The pan-European real estate fund has an investment capacity of €1 billion and has acquired property in markets such as Sweden, France, Belgium, Spain and Greece.