Private-equity firms, pension funds and insurers face dwindling returns on loans to the U.K. commercial property market as competition intensifies from banks that shunned the business after the financial crisis.
LaSalle Investment Management Inc. started lending to European real estate companies three years ago and said its loans outstanding will triple by the end of 2013 as the firm takes advantage of the banking industry’s retrenchment.
Related Cos., the New York developer founded by billionaire Stephen Ross , and a partner sold the luxury Sagamore apartment building on Manhattan’s Upper West Side as investor demand for multifamily properties surges.
LaSalle Investment Management Inc., the property-fund unit of Chicago-based Jones Lang LaSalle Inc. , reached agreement with BCG Partners Inc., a wholesale market intermediary, to set up a property derivatives business, the Financial Times reported.
LaSalle Investment Management has bought the Sofitel Wentworth Sydney for A$130 Million from Tourism Assets Holdings Ltd. in this year’s largest single hotel sale in Australia, the Australian Financial Review reported.