JER Partners’ European fund management business has finally completed its transfer to LaSalle Investment Management.
LaSalle said the transfer covered 11 investments, with over 90 assets in two funds, thought to be the pan-European JER Europe Fund III and the Marbleton Property Fund, which raised €312m for investment in Ukraine and Russia in 2007.
JER Europe Fund III invested all of its €809m of equity at the top of the market in 2006 and 2007, and most of the equity value was wiped out. Its investors included the Abu Dhabi Investment Authority, UBS, Aviva and Henderson.
LaSalle IM’s European chief executive, Simon Marrison, said 12 staff were transferring and the team would be “managing the assets to maximise recovery of equity value”.