Stock Monitor: Acadia Realty Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 1, 2018 / If you want access to our free research report on Jones Lang LaSalle Inc. (NYSE: JLL), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=JLL as the Company's latest news hit the wire. On May 30, 2018, the Company announced that its wholly-owned independent subsidiary and a global real estate investment manager - LaSalle Investment Management, has signed an agreement with Aviva Investors to acquire the Real Estate Multi-Manager (REMM) business as well as the stake in Encore+ fund. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Acadia Realty Trust (NYSE: AKR), which also belongs to the Financial sector as the Company Jones Lang LaSalle. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Jones Lang LaSalle most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
The financial details and other terms of the agreement were not disclosed.
Details of the acquisition
The two acquisitions by LaSalle from Aviva includes the REMM business and full ownership of the management of the Encore+ fund.
Aviva's REMM business has $7 billion of assets under management (AUM). LaSalle has signed a binding contract with Aviva for acquiring the REMM business. The deal is expected to close by end of FY18. The acquisition will allow LaSalle to become one of the top five largest global non-listed indirect real estate investment managers which will have combined AUM of $10 billion across all geographies and risk profiles. On completion of the deal, the REMM business will be headed by Ed Casal, current CEO of Real Estate and Co-Founder of the Global Indirect Real Estate business at Aviva. Ed will join LaSalle as part of the deal and will be based in New York. He will also become a member of LaSalle's Global Management Committee.
LaSalle will acquire complete rights and responsibilities as the Fund Manager of Encore+ Fund from Aviva as part of the deal. Encore+ is an open-ended Fund that invests in a diversified portfolio of commercial properties across Continental Europe including France, Germany, Sweden, Spain, Poland, Luxembourg, Czech Republic, and the Netherlands. LaSalle and Aviva had been jointly managing the Encore+ fund for eleven years. Once the deal is completed, LaSalle will become the sole manager of Encore+. Going forward, David Ironside has been identified as the Fund Manager for Encore+. The Fund has a gross asset value of €1.7 billion and was recognized as the best performing fund in the IPD PEPFI (Pan-European Property Funds Balanced Funds Index) for FY 2017. Encore+ also has been the top performing fund in the index on an aggregate five-year basis.
Aviva is restructuring its real estate business and announced the formation of Aviva Investors Real Assets (AIRA) on May 30, 2018. AIRA will bring the entire real estate business including direct real estate, infrastructure, structured finance and private debt under a single leadership and operating structure. As a part of the restructuring, Aviva decide to divest the REMM business and its interest in Encore+ Fund to LaSalle.
Commenting on acquiring the REMM business and Encore+ Fund from Aviva, Christian Ulbrich, CEO of JLL, said:
"These are exciting and significant additions to the breadth and strength of LaSalle's global investment management platform, which is an important part of the broader JLL group. The Aviva Real Estate Multi-Manager business provides an ideal fit with LaSalle existing capabilities and the Encore+ fund also has an outstanding track record."
Jeff Jacobson, Global CEO of LaSalle Investment Management, added:
"I am delighted to announce this joint acquisition of Aviva's REMM business and its interest in the management of the Encore+ fund.......This will enhance our capabilities to offer comprehensive integrated investment solutions across the risk spectrum in third party fund investing, joint-ventures and co-investments."
Euan Munro, CEO of Aviva Investors, stated:
"This deal makes sense for both parties as well as clients in the REMM business and Encore+. We will now focus our efforts on being a direct operator in our chosen markets in Real Assets, which is a strategic priority for our business."
About Aviva Investors
Aviva Investors is the global asset management business of Aviva PLC. It offers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia/Pacific, Europe, North America, and UK. It has €404 billion of AUM as on December 31, 2016.
About LaSalle Investment Management
LaSalle is one of the leading investment managers of the world and a wholly-owned and independent subsidiary of Jones Lang LaSalle Inc. JLL is one of the largest real estate companies in the world. LaSalle manages capital on behalf of a diverse and global client base which include pension funds, insurance companies, sovereign wealth funds, endowments, and individual investors. LaSalle has approximately $60 billion of private and public equity and private debt investments under management as of Q1 2018.
Stock Performance Snapshot
May 31, 2018 - At Thursday's closing bell, Jones Lang LaSalle's stock marginally dropped 0.38%, ending the trading session at $163.76.
Volume traded for the day: 781.32 thousand shares, which was above the 3-month average volume of 375.82 thousand shares.
Stock performance in the last three-month – up 1.14%; previous six-month period – up 7.76%; past twelve-month period – up 41.82%; and year-to-date - up 9.96%
After yesterday's close, Jones Lang LaSalle's market cap was at $7.50 billion.
Price to Earnings (P/E) ratio was at 17.68.
The stock has a dividend yield of 0.50%.
The stock is part of the Financial sector, categorized under the Property Management industry.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.