Equity Capital to Accelerate Growth at Opportune Start of Real Estate Recovery Cycle
CHICAGO, Nov. 7, 2024 /PRNewswire/ -- JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.6 billion in portfolio equity and debt investments, announced today that its Sponsor, Jones Lang LaSalle Incorporated (JLL), a leading global commercial real estate and investment management company, committed to make an additional co-investment of equity in the company. JLL will acquire $100 million of Income Property Trust's common stock at the daily NAV public offering price on the date of the investment. The proceeds will be used to accelerate Income Property Trust's investing activities at what is believed to be an opportune time in the current real estate recovery cycle.
"JLL Income Property Trust, and its companion offering, JLL Exchange, have established themselves as innovative, market leading offerings for the high-net-worth, private client segments," said Christian Ulbrich, CEO of JLL. "Investing for growth in LaSalle's flagship private wealth solutions aligns our interests with investors that seek world-class alternative investment solutions as real estate markets are poised for a strong recovery."
The $100 million commitment increases the company's "dry powder" available to take advantage of attractive investment opportunities. Together with this commitment, Income Property Trust has generated significant investing capacity from successful capital recycling through property sales, expansion of its institutional Delaware Statutory Trust offerings through JLL Exchange, and financial advisors returning to allocate to core real estate. The company has a robust pipeline of new investments targeted to close before year end that exceeds $150 million.
"JLL's additional $100 million co-investment is consistent with one of LaSalle's key value propositions – striving to think like owners and act like investors," commented Mark Gabbay, Global CEO of LaSalle Investment Management, the Advisor to both JLL Income Property Trust and JLL Exchange, "There is no greater demonstration of our investor mindset than investing alongside our clients in these two industry leading real estate offerings."
"When Income Property Trust launched as the first perpetual daily valued NAV REIT in 2012, JLL invested significant co-investment capital to create a seed portfolio that aligned our interests with investors looking to allocate to a stable value and income-oriented real estate solution," said Allan Swaringen, President and CEO of JLL Income Property Trust. "JLL's increased commitment today is a demonstration of our conviction in these flagship investment solutions. After navigating two years of a challenging investment environment triggered by unprecedented interest rate hikes, there are signs that the coming months will be seen as a favorable investment vintage for core real estate."
For more information on JLL Income Property Trust, please see our website at www.jllipt.com.
About JLL Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX)
JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com, and LinkedIn.
Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.
Contacts:
Doug Allen
Dukas Linden Public Relations
Telephone: +1 646 722 6530
Email: JLLIPT@DLPR.com
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SOURCE JLL Income Property Trust
