LaSalle IM takes on JER’s Europe portfolio
LaSalle Investment Management has completed the management transfer of US-based JER Partners’ European fund management business – including 11 investments with over 90 assets in two funds, covering eight jurisdictions.
The deal, first announced last year, involved LaSalle assuming responsibility for advising or managing the investments in JER’s European portfolios. It was the result of a strategic review at JER, aimed at refining its business scope and focusing on core strengths. JER wanted a partner which would allow it to provide continuity of management, retain its own team’s detailed asset knowledge, fulfil fiduciary obligations to investors and maximize recovery on the JER Europe Fund investments.
JER Partners will now focus on protecting and enhancing the value of the assets in its US portfolios. CEO Barden Gale said the firm considered a number of strategic alternatives for its European platform.
“After consultation with investors, we believe this to be the best solution for all parties. LaSalle is an established and reputable firm with significant real estate expertise, ambitious growth plans as well as having clearly defined strategies for the management of the assets and the integration of the JER European platform.”
Simon Marrison, LaSalle’s European CEO, noted:”In this economic environment, investors appreciate the importance of maintaining the stability of the team managing the assets to maximize the recovery of equity value, and the integration well positions us to provide this service.”
Twelve JER staff are transferring to LaSalle: Chester Barnes, Colin Blackmore, Claire Handley, Deborah Rossiter, Jean-Baptiste Meyer, Dale Condon, David Germer and Christian Perpinya will be based in London; Karim Habra, Chris Zeuner, PetrKosar and RadkaRajska will be based in Prague.