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Blog Exposure - LaSalle Acquires REMM Business and Stake in Real Estate Fund Encore+ from Aviva Investors

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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:


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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.

Management Quotes

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.


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