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Westbrook, LaSalle Target UK With $1.25-Bil War Chest

LONDON-A new joint venture between New York-based opportunity fund Westbrook Partners and private clients of Jones Lang LaSalle has earmarked $1.25 billion for investment in the UK, and $0.5 billion has already been spent on a portfolio of 20 properties.

By Graham Parker | Updated on October 24, 2001

LONDON-New York-based asset manager Westbrook Partners has joined forces with private clients of Jones Lang LaSalle to buy a portfolio of 20 properties in a £365 million ($520 million) off-market transaction. And more is to come: the partnership has earmarked £865 million ($1.25 billion) for UK purchases in total.

The mixed portfolio consisted of 20 properties, nine of which are central London offices in the City, West End, Midtown, Euston and Southwark. The new fund intends to focus on asset enhancement opportunities, and a number of the office buildings are candidates for refurbishment. Jones Lang LaSalle advised on the purchases and will be responsible for active management of the properties.

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