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Private Funds: Secondary Market Transactions on the Increase

Jones Lang LaSalle Corporate Finance Private Funds Advisory team enjoys series of secondary market successes

London, 13th June 2011 – The appetite for secondary market funds is growing according to Jones Lang LaSalle’s Corporate Finance Private Funds Advisory team.  Julian Schiller, head of Jones Lang LaSalle’s Private Funds Advisory team, said: “Our team has enjoyed a run of secondary market success so far in 2011 and we will shortly be taking to market several continental European and Asian real estate funds.  We fully expect to complete over €500m of secondary transactions by the end of the year, which will be an 80% increase on last year.”

Jones Lang LaSalle’s Corporate Finance Private Funds Advisory has had a number of recent successes including the completion of 45 secondary market transactions totalling €275m in value in 2010 with lot sizes ranging between €1m and €45m and 8 secondary market transactions so far in 2011, totalling €190m.

Julian Schiller concluded: “Whilst the majority of activity last year was in European vehicles, predominantly in the UK, in 2011 we expect a high percentage to be Asian and continental European vehicles.  We estimate that €2.75bn of secondary market transactions occurred globally in 2010 of which approximately 50% were in UK vehicles.  We also predict that 2011 will see circa €4-5bn of transactions will occur with greatly increased activity outside the UK.”

The team’s most notable transactions this year include the acquisition of units in Standard Life Shopping Centre Trust valued at over €75m and the significant transaction in the X Leisure Unit Trust alongside the sale of a share in the fund's management company.