LaSalle Investment Management said on Wednesday that it has completed the takeover of JER's European fund management business. The transfer covers 11 investments with over 90 assets in two funds covering eight current jurisdictions.
LaSalle Investment Management said on Wednesday that it has completed the takeover of JER's European fund management business. The transfer covers 11 investments with over 90 assets in two funds covering eight current jurisdictions.
As part of the transaction, 12 JER staff are transferring to LaSalle's London and Prague offices.
LaSalle IM first announced in October that it had reached agreement with JER Partners to assume the management of its European real estate fund operations. JER Partners closed its first European fund in 1999, and to date, the firm has managed three European funds with EUR 1.1 bn in equity commitments and EUR 4.4 bn in gross investments in 32 investments comprising 1,300 assets.
The firm's latest fund, JER Europe Fund III, closed in March 2006. With EUR 810 mln in committed capital, the fund has undertaken 17 transactions totalling EUR 1.9 bn in gross investments (includes co-investments).
