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Case Study

French Value Add Club Deal

The Jones Lang LaSalle Indirect Investment team keep in regular contact with all the major institutional indirect investors across Europe, and in 2007 it became increasingly apparent there was a lack of fund indirect vehicles from high quality local fund managers targeting France.

To this end, the Jones Lang LaSalle Indirect team approached Paris based Stam Europe to discuss a fund concept for international investors. Stam Europe was already known as one of the most experienced and successful asset managers in France. Stam have been in operation for over 10 years, and have € 1.5 billion of assets under management, held in separate accounts and three multi investor funds.

Stam identified a market strategy that best suited their on the ground asset management capabilities. This was to target the forecast € 2 billion of mixed portfolios (predominantly office and light industrial mismanaged assets), in good locations, coming onto the market in the next two years, as managers rationalise their portfolios to adjust to a new French corporate tax structure.

Jones Lang LaSalle worked together with Stam Europe to propose a structure for such an investment vehicle, then approached three leading European investors who together committed a total of € 250 million to form a “club deal” to execute the investment strategy. The vehicle was closed within six months from concept stage.

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