CHICAGO-Lasalle Investment Management, a division of locally based Jones Lang LaSalle, has agreed to take over McLean, VA-based JER Partners’ European holdings. JER, which wants to focus on its US properties, advises and manages 13 investments in Europe.
In a statement Wednesday, JER executives said the firm’s new strategic focus is directed at refining its business scope and focusing on the company’s core strengths and capabilities in US real estate investment markets. The company has purchased and/or manages about 15,000 assets totaling $28 billion.
Barden Gale, CEO of the company, said in the statement that his executives considered a number of strategic alternatives for the European platform. “After consultation with investors, we believe this to be the best solution for both parties,” he said.
The most recent JER Europe fund, JER Europe III in 207, reportedly made 17 investments in $2.6 billion worth of assets, including co-investments. These properties reportedly include the Great Eastern Hotel in London, a hotel portfolio in Switzerland and various retail, mixed-use, multifamily, industrial and residential properties and companies throughout Europe.
Simon Marrison and Susan Lloyd-Hurwitz with LaSalle oversaw the deal. A LaSalle spokeswoman tells GlobeSt.com that her firm is absorbing JER's European team.including managing director of Europe for the firm. A total of 12 JER people will join LaSalle, including eight people based in London and four based in Prague. “(The transfer) will enhance LaSalle's value-add capabilities in the UK, and give us a presence in Central Europe,” she says.
Both firms agreed in the statement that the acquisition will provide continuity of management of the existing assets by the current European team. LaSalle has about $47.9 billion of assets under management.
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