Matthew Sgrizzi

Matthew Sgrizzi, chief investment officer and portfolio manager at LaSalle Investment Management Securities, expects a strong performance from real estate investment trusts (REITs) in 2025, with the potential for a “golden era” driven strong demand for commercial property against short supply coupled with further easing in inflation and interest rates.

According to Matthew Sgrizzi, given strong financial positions, access to capital markets and increasing investor confidence, REITs are positioned to benefit from an improving environment that could lead to outperformance.

“We believe that the REIT market is poised for a significant upturn, potentially entering a new ‘golden era’ of investment,” said Mr Sgrizzi.

“The convergence of a number of factors, including a period of dislocation in bank lending, negative market sentiment, REIT underperformance, and the potential for an easing of financial conditions, mirrors the circumstances that have preceded previous periods of exceptional growth in the REIT market,” he said.

“Real estate fundamentals are broadly healthy; they are super strong in the data centre and healthcare sectors, and we have an outlook for low supply being a tailwind for core REIT sectors of office, retail industrial and residential in 2025. That low supply should support the outlook for many real estate sectors around the world this year,” he said.

“Even concerns gripping the office sector are fading. We now see high-quality offices are in high demand and short supply in many markets around the world; we are seeing rents increase in some locations for office space,” said Mr Sgrizzi.

“We’ve also seen real estate lending is picking up and real estate capital formation is improving, along with opportunities for investors.”

Mr Sgrizzi says overhyped positivity on stock markets and negativity on real estate has historically set the stage for REIT investors to enjoy multi-year periods of improvement and outperformance. He is reminding investors to add back real estate to portfolios to enjoy strong expected returns which compare well to global equities, if not better.

Mr Sgrizzi’s base case projection for REITs is for total returns of in the high single digits per annum over the next three years, with close to half of that return from income. If financial conditions ease further, those return expectations could he higher. Over the past 25 years, REITs have produced total returns of 8% per annum, with around half that return coming from income.

“If financial conditions ease further, such as by 50 basis points or 100 basis points, return expectations could increase to mid- to high-double digits, respectively, potentially setting the stage for the next ‘golden era’ in REITs,” he said.

Importantly too, if interest rates fall, so will borrowing costs for REITs. The majority of REIT borrowing is from the unsecured loan market, at interest rates that are almost 100 basis points lower than a traditional mortgage, currently. Lower interest rates would reduce these borrowing costs further.

In terms of sector and geographic opportunities, Mr Sgrizzi sees strong growth in data centres and healthcare REITs and he favours Europe and the UK given subdued prices.

“Today’s REIT sector is so broad and diverse. We are seeing some great opportunities in sectors that took a big hit in the fourth quarter, particularly interest rate sensitive sectors that have higher longer term growth potential or are more yield orientated, such as cell towers, and those sectors could do quite well this year, given they have been sold down,” he said.

“We see the same thing with REITs in Europe and the UK, which have taken a hit in the last couple of months with higher interest rates and in reaction to US policy changes; UK REITs are about as cheap compared to US REITS as the group has ever been and there is also less upside pressure on interest rates in Europe compared to the US.

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Matthew Sgrizzi

The outlook for global REITs is positive following the Federal Reserve’s 50 basis point rate cut, according to Matt Sgrizzi, CIO and lead portfolio manager at LaSalle.

“The Fed’s 50 basis point rate cut is a tailwind for the listed property sector and we expect a global monetary policy easing cycle to kick in further as more central banks cut policy rates or are forecasting to do so.

From a valuation perspective, Mr Sgrizzi says REITs offer positive but mixed valuation signals in a broader market context.

“REITs are trading at moderate premiums to our marked down private market real estate values, with certain sectors and regions continuing to offer sizable discounts. Private values remain challenging to pinpoint but should become clearer as the ‘bid-ask’ spread continues to narrow and transaction activity continues to increase, with the potential for an uptick in values.

“Our forward outlook for REIT returns remains constructive with financial conditions likely to be less of a headwind, growth remaining solid and strong financial positions for many REITs positioning the sector to perform well and take advantage of opportunities as they arise.

Further easing in financial conditions could serve as an additional tailwind to the sector and would be further support to real estate values,” said Mr Sgrizzi.

The SGH LaSalle Concentrated Global Property Fund was ranked 1st out of 52 funds for 5 years to 30 September 2024 within Morningstar’s Australia Fund Equity Global Real Estate Category. The fund returned 7.74 percent per annum, 2.78 percent higher than the next fund in its category for the given 5-year period*.

Mr Sgrizzi said that despite the backdrop of heightened inflation and interest rates the fund was still able to provide positive returns to its clients thanks to its strategy.

“This strategy was developed to fulfil a market gap – pursuing global investment opportunities that provide solid fundamentals over the medium to long term through a truly dynamic, high conviction approach.

“Our team was able to continue providing attractive absolute returns by investing in real estate companies offering deep value and identifying property sector and market dislocations.”

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Matt Sgrizzi

Global real estate securities firm LaSalle Investment Management (LaSalle) in partnership with Australian fund manager SG Hiscock and Company (SGH) have won the Global Real Estate Investment award for its SGH LaSalle Concentrated Global Property Fund at the 2023 Zenith Fund Awards.

The fund is distributed exclusively in Australia by SGH. The fund is an actively managed portfolio that invests primarily in global real estate investment trusts (GREITs) and real estate operating companies (REOCs). The fund seeks to provide total return through long-term capital appreciation and rental income.

Chief investment officer at LaSalle and lead portfolio manager for the fund, Matt Sgrizzi, said the win reflects the fund’s strong performance over the long term and its investment process, which is a testament to the calibre of the investment team.

“We’re fortunate to have a highly credentialed team which gives us the ability to identify good opportunities in the market and capitalise on assets with untapped potential.

“Our approach gives investors access to the benefits of global diversification given an investible universe spanning both Australian and international securities.

“Winning this accolade acknowledges both the skills and expertise of our investment, together with a strong distribution network made possible through our partnership with SGH,” said Mr Sgrizzi.

The 2023 Zenith Fund Awards recognise and encourage excellence in funds management across all asset classes and disciplines. The awards aim to raise the standard of funds management in the local market, to the benefit of institutional, wholesale and retail investors.

The winners are selected based on long-term factors derived from Zenith’s research and due diligence process. Quantitative aspects of the funds longer-term returns to investors are examined, in addition to other factors including the organisation and investment team strength, investment philosophy, security valuation and selection, portfolio construction, risk management, and fees.

The win coincides with the 20^th anniversary of the partnership between LaSalle and SGH, with the alliance forming in October 2003.

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Matt Sgrizzi

After a challenging 2022, the headwinds which pressured global real estate investment trusts (GREITs) should begin to moderate, providing opportunities within subsectors to generate better returns, according to chief investment officer of US-based LaSalle Investment Management Securities, Matt Sgrizzi.

Mr Sgrizzi said while a US recession could dampen any significant rebound for GREITs, the coming 12 months are unlikely to mirror the sector’s underperformance of last year.

“There’s no doubt it is going to be a more challenging economic environment. After a strong recovery from the pandemic in 2021, in which REITs gained 27 per cent, 2022 was a much tougher year and GREITs recorded a 22 per cent decline as central banks pushed back against higher inflation.

“However, as a result, a large portion of the GREIT universe has now been repriced. The performance of GREITs is justified within the context of the tightening financial conditions. However, we don’t run from risk; rather, we try to price risk so that we’re properly compensated when it’s particularly high.

“GREITs are now priced to deliver high single digit returns this year, which is in line with historical returns from moderately leveraged real estate assets. The adjustment was painful but the forecast on the sector is constructive and real estate should also be viewed by investors as a good hedge against inflation,” he said.

Key opportunities within GREITs will be in areas which can access durable growth at attractive prices. Although growth rates are decelerating, sectors such as self-storage, data centers, residential and industrial will continue to offer healthy growth in their earnings over the next few years.

“Megatrends like digital transformation, insufficient affordable housing and e-commerce will further support the fundamentals of these sectors.

“This durable growth will be especially valuable in a lower economic growth environment. There had been concerns about the impact of tighter financial conditions on these sectors, but this impact is largely behind us and these sectors have been repriced to attractive levels,” he said.

According to Mr Sgrizzi, there are currently two high-risk factors within the sector, including property assets with high leverage, and the office subsector.

“The cost of debt has risen so that puts pressure on private real estate values, and while we don’t see volatility as a risk in itself, the potential for the permanent loss of capital is a risk, so we’ll be steering clear of companies with high leverage.

“The woes of the office market have also been well documented, and we don’t see this improving anytime soon. Ultimately, the hybrid work environment is here to stay and it’s unlikely we’ll have people back in the office permanently five days a week, and it costs money to maintain buildings,” he said.

“So, while there are some evident headwinds, exacerbated by the threat of a global recession, GREITs are set to offer sound investment prospects over the coming year. And importantly, real estate is a highly durable asset class, and this is an opportune time to appreciate that durability,” said Mr Sgrizzi.

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Lisa Kaufman

The relative underperformance of global real estate investment trusts (GREITs) since the start of the pandemic may be poised to change, with a strong recovery in fundamentals and supportive financial conditions creating a strong set-up for returns, according to the head of LaSalle Investment Management Securities, Lisa Kaufman.

Ms Kaufman said there were legitimate reasons for the underperformance of GREITs, including COVID-19 uniquely impacting gathering places and the work from home phenomenon; however those impacts are rapidly moving to the rearview and REIT earnings growth is poised to accelerate while broader equity earnings growth slows.

“It’s unusual for early cycle fundamentals to coincide with late cycle cost of capital but we have those two dynamics happening now and it’s driving good flows into real estate,” she said.

Ms Kaufman said the Baltimore-based asset manager holds this view despite the recent rise in global interest rates.

“Real estate is a long-term investment and when we look at interest rates, investors need to look at long-term rates. We’re less concerned with short-term interest rates and the Federal Reserve raising rates. If long-term rates were rising sharply, credit spreads were exploding and/or inflation expectations collapsing, it would be a different story, but that’s not happening,” she said.

“The recent sell-off notwithstanding, there is a lot of historical data that shows that GREITs can perform quite well in a rising rate environment. In fact, negative returns have been most often associated with falling interest rates due to a negative economic growth shock.”

Further buoying the strong set of economic fundamentals for the GREIT sector is the surge in mergers and acquisitions activity (M&A). 2021 was a record year for US REIT M&A volume, with more than $US100 billion transacted.

“The combination of strong cash flow growth expectations and supportive financial conditions are collectively driving flows into real estate. The world is awash with capital, and there are unprecedented levels of private equity capital looking for a home in real estate.

“Furthermore, the scale that comes with large portfolios, especially in more operationally intensive sectors, is increasingly appreciated by private equity.

“We expect M&A to continue both in the US and around the world and to be an additional a catalyst for the GREIT sector in 2022. We’re expecting an average annual return of over 10 per cent a year  over the next three years, which is above the long-term average returns generated by the sector,” said Ms Kaufman.

The SGH LaSalle Concentrated Global Property Fund is an actively managed portfolio that invests primarily in GREITs and real estate operating companies. The fund seeks to provide total return through long-term capital appreciation and rental income. It provides investors with exposure to attributes of property ownership along with liquidity offered by tradable securities.

LaSalle Investment Management Securities – which has approximately $US4.4 billion funds under management – partners with Melbourne-based SG Hiscock & Company in exclusively distributing the Fund to Australia investors.

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Lasalle announce ongoing commitment sustainability practices.

LaSalle Investment Management (LaSalle), has announced its commitment to the Urban Land Institute’s Greenprint Center for Building Performance Net Zero Carbon (NZC) Goal to reduce landlord-controlled operational carbon emissions of LaSalle’s global portfolio of managed assets to net zero by the year 2050.

Since becoming a signatory to the UN Principles for Responsible Investment over 10 years ago, LaSalle has been working across our managed portfolio to improve the sustainability aspects of our assets. In 2017 LaSalle added Environmental Factors to its investment strategy, recognizing the importance of issues such as energy and water efficiency, climate change impacts and resilience, and increasing carbon regulations as long-term, secular demand drivers of real estate. Following this, in 2018 LaSalle became a member of UN Environment Programme Finance Initiative (UNEP FI) and helped shape the future of climate risk assessment reporting for the industry by taking part in a two-year Task Force on Climate-related Financial Disclosures (TCFD) pilot project.

The success of this environmental, social and governance (ESG) integration has seen the business refocus its sustainability program, using this positive momentum to create a global carbon strategy to achieve NZC alongside other important sustainability goals. Jeff Jacobson, CEO for LaSalle Investment Management said, “At LaSalle we’re committed to doing right by our clients, our people and our planet. When we invest in ESG best practices, we are enhancing the performance of our clients’ investments, and bettering the communities we live, work and invest in. We are proud to stand with the ULI Greenprint Center for Building Performance on net zero carbon ambitions and commit to this industry goal, and look forward to creating positive, powerful change.”

The ULI Greenprint net zero carbon goal is designed to meaningfully reduce the built environment’s impact on climate change beyond existing efforts. It encourages portfolio-wide carbon reductions via deep energy efficiency improvements, on-site renewable energy, green utility power and building electrification, off-site renewables, renewable energy credits and, as a last resort, carbon offsets. The goal is in line with the Paris Agreement and findings from the Intergovernmental Panel on Climate Change (IPCC) report to limit global warming to 1.5⁰ C.

LaSalle’s increased commitment can further be seen in Europe where the firm is advancing a step beyond the ULI goal as a signatory to the UK Better Buildings Partnership Climate Change Commitment, setting out LaSalle’s ambition for our European portfolio to achieve NZC by 2050 for both whole building operational carbon and embodied carbon.

Additionally, LaSalle has received recognition for its ongoing commitment sustainability practices across its product platform globally, highlighted here: LaSalle Improves 2019 GRESB Performance and United Nations ‘Principles for Responsible Investment’ Assessments

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Lisa Kaufman

Despite a significant downdraft since the onset of the worldwide COVID-19 pandemic, global real estate securities represent good value with most companies better positioned now than in the Global Financial Crisis, according to LaSalle Securities chief executive and portfolio manager, Lisa Kaufman.

Global real estate securities such as Real Estate Investment Trusts (REITs), are priced competitively compared to alternatives such as equities and bonds and are currently trading at a discount to NAV, well below the long-term average premium.

Ms Kaufman believes most global listed real estate companies are entering this recession in far better financial health than in 2008, which is mitigating heavier losses.

“Companies have reacted differently this time; in the GFC, many were caught flat-footed, but most companies moved quickly when the markets seized up this time around. Global central banks moved swiftly too and did so with a bazooka.”

“As the markets began the sharp sell-off in late February, many Listed entities accessed their lines of credit, suspended non-essential capital expenditures, and some or suspended or cut dividends. In normal times, announcements like these would be scary, but given the level of uncertainty surrounding the pandemic and lockdowns, the measures were prudent,” she said.

Better performing global real estate sectors are data centre REITs and cell tower REITs which have benefitted from the substantial increase in work and schooling from home.

Relative winners from a country perspective are Hong Kong (down 11 per cent) and Singapore (down 14.3 per cent), with Canada and Australia the laggards (down 31 per cent and 32 per cent respectively). The latter two economies are tied to natural resources and the real estate indices in both countries have heavy weightings to retail, both of which have contributed to the sharp correction.

According to Ms Kaufman, some of this market movement has created mispricing and, in the process, alpha opportunities for global investors who can invest across geographies and sectors.

“Real corporate bond rates have made a remarkable recovery and are now below pre COVID levels but real estate is being held back by the fact the virus is disrupting how people can use physical space. This pandemic is a particular threat to real estate, and markets are moving on headlines with science in the driver’s seat,” she said.

At a property sector level, Ms Kaufman said lodging and resorts typically underperform in recessions, and social gathering and travel restrictions have further exacerbated price declines. Similarly, forecasts for the retail sub-sector which were already weak have been reduced further, with net operating income not expected to return to 2019 levels until 2024.

LaSalle also expects the office sector to be impacted in the short and long-term by the pandemic.

“Office space will have to contend with the typical fall-off in leasing from the recession as well as overhang from flexible office providers who had aggressively expanded in the years leading up to the COVID crisis “.

“We’re in the midst of this working from home experiment, and we expect some lasting impact as more people work from home more often over the, long term. As such, we’re anticipating a loss of pricing power in the office sector that leads to significant market rent declines, particularly in the gateway markets where the REITS tend to be concentrated,” said Ms Kaufman.LaSalle Investment Management Securities – which has approximately $US5.5 billion funds under management – has partnered with SG Hiscock & Company to distribute the SGH LaSalle Concentrated Global Property Fund in the Australian market since 2003.
The fund is also part of the Melbourne-based boutique manager’s recently launched Partnership Program, which sees global funds leveraging SG Hiscock’s local dealer group and independent financial adviser network.
SG Hiscock & Company managing director, Stephen Hiscock, said the COVID-19 recovery period will demand a higher degree of caution with markets and valuations, with continuing lockdowns and the US presidential race fuelling further uncertainty.

“The heightened uncertainty has increased the need for highly selective active management. At the beginning of the crisis, there were real fears about liquidity in the market but central banks stepped in to placate. After capital markets shut down early on, they’re wide open today.
“Together with LaSalle, we believe global REITs represent an attractive opportunity in this environment, with the fund’s strategy providing Australian investors with the ability to access LaSalle’s top 10-20 best ideas globally through a truly active high conviction portfolio,” he said.

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Mr. Klinksiek will lead LaSalle’s European Research & Strategy team responsible for forecasts of property markets, capital markets and metro economies across the region. Additionally, Mr. Klinksiek will take on a leading role in helping set LaSalle’s global strategy outlook, relative value assessments and portfolio strategies. He will work closely with the firm’s global clients and portfolio managers in developing and implementing comprehensive, integrated global investment strategies. Mr Klinksiek will also lead the expansion and enhancement of LaSalle’s global analytical tools and support the firm’s capital raising and investor relations activities.

Mr. Klinksiek joins LaSalle after spending nearly 17 years in various research and strategy leadership roles at Heitman, with diverse experience across a wide range of markets and property sectors in Europe, North America and Asia. He most recently served as Director of Strategy & Research Operations, based in Hong Kong, focused on global portfolio strategy and developing Heitman’s framework for global portfolio construction. Prior to that, he built and managed a new on-the-ground investment strategy and research capability in Europe for a period of 10 years. Mr. Klinksiek began his career in Heitman’s North America business, focused on research analysis across a wide range of property types and risk categories.

Jeff Jacobson, LaSalle Global CEO, said: “We are delighted to welcome Brian to LaSalle, and look forward to his leadership for this new role. I am confident that his wide-ranging experience and impressive track record will enhance our Research & Strategy platform and offer our clients a unique and sound perspective on European and global investment opportunities.”

Jacques Gordon, Global Head of Research & Strategy for LaSalle, commented: “Today more than ever, investors seek insights that are both tactical and strategic. LaSalle’s approach is to examine long-term secular and structural themes that can affect specific locations and markets when considering buy/hold/sell decisions. Brian’s depth of experience will serve our clients well as we advance through an unprecedented global recession and fragmented recovery.

Brian Klinksiek, Head of European Research and Global Portfolio Strategies for LaSalle added: “I am honoured to be joining LaSalle at a time when both European and global real estate remains a critical allocation for investors. I look forward to building off the impressive foundation and track record LaSalle has established and leveraging my experience to enhance the firm’s investment ideas and capabilities.”

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The Fund invests in core properties in Japan and launched with JPY 61 billion (US$560 million) of initial equity commitments from Japanese investors along with loans extended by major Japanese financial institutions.

The initial portfolio includes six assets that have been selected based on LaSalle’s Research and Strategy framework of Demographic, Technology and Urbanization (“DTU”), for a purchase price of JPY 105 billion (US$965 million). The Fund will invest mainly in the Japanese cities of Tokyo, Osaka, Nagoya and Fukuoka in diversified assets across the office, industrial, retail and multi-family sectors. The Fund aims to grow to JPY 200 billion (US$1.8 billion) in three years and JPY 300 billion (US$2.7 billion) in five years.

The Fund will leverage the established platform of LaSalle, one of the world’s leading dedicated real estate firms, with broad experience managing diversified open-ended core funds, including similar offerings in the US, Canada and Europe. The Fund held its initial closing with commitments from Japanese investors and will target capital from international investors in the future.

Mark Gabbay, CEO, LaSalle Asia Pacific, said: “We are excited to launch our first private open-ended core fund in Asia with a sizeable initial portfolio that, given its high asset quality, potential to generate strong recurring cash flows and desirable locations, directly aligns with the vehicle’s investment parameters. Japan’s large, transparent real estate market is one we know very well, providing us with a sustainable competitive advantage as we invest into core assets. This advances some of our global and Asia Pacific regional strategies which is to target core assets with stable income generation and to offer our global investors access to a suite of products comprising a diverse range of real estate investments.”

Keith Fujii, CEO, LaSalle Japan, said: “The creation of the LaSalle Japan Property Fund following the launch of the publicly traded J-REIT in 2016- LaSalle Logiport REIT, enhances our products with core investment strategies in Japan. Along with our strength in opportunistic investments and asset development capabilities, we are strong believers in the long-term potential of the Japanese real estate market. We are an experienced team of professionals with a strong track-record of transactional execution, leasing, asset management and investment performance in the Japanese market and aim to build a high-quality portfolio of income-producing assets.”

Ryota Morioka, Fund Manager, LaSalle Japan Property Fund, said: “Strong market fundamentals across Japan, combined with transparent capital markets, depth of existing stock and high barriers-to-entry make the core real estate market a compelling strategy in the current environment. For LaSalle Japan Property Fund, we seek to leverage our existing relationships in the office, retail, industrial and multi-family sectors to create a high-quality, diversified portfolio of stabilized core assets.”

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Jeff Jacobson

LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has entered into an agreement to acquire the Real Estate Multi-Manager (“REMM”) business of Aviva Investors (“Aviva”), and full ownership of the Encore+ fund.

Aviva’s REMM business has $7 billion of assets under management and 24 employees globally. LaSalle and Aviva have entered into a binding contract and the deal is expected to close by the end of year. Together with our existing capabilities, LaSalle will be one of the top five largest global non-listed indirect real estate investment managers with combined assets under management of $10bn across all geographies and risk profiles.

The division will be headed up by Ed Casal, who, as part of this acquisition, will be joining LaSalle from his current role as CEO of Real Estate at Aviva and Co-Founder of its Global Indirect Real Estate business. Ed, who will be based in New York, will also be joining LaSalle’s Global Management Committee.

LaSalle will also be acquiring Aviva’s rights and responsibilities as the Fund Manager of Encore+, the open-ended Continental European real estate fund which has been jointly owned and run by both parties for eleven years. LaSalle will become the sole manager of Encore+ and David Ironside will become the Fund Manager. The Fund, which currently has a gross asset value of €1.7 billion, was recently recognised as the best performing fund in the IPD PEPFI for 2017.  It has also been the top performing fund in the index on an aggregate five-year basis.

Jeff Jacobson, Global CEO of LaSalle Investment Management commented: “I am delighted to announce this joint acquisition of Aviva’s REMM business and its interest in the management of the Encore+ fund.  A strong multi-manager capacity has become increasingly important to LaSalle’s clients and our global footprint and expertise provide a solid foundation to strengthen the incoming global indirect capabilities. This will enhance our capabilities to offer comprehensive integrated investment solutions across the risk spectrum in third party fund investing, joint-ventures and co-investments.

We have always regarded Encore+ as our flagship diversified open-end fund in Continental Europe and I am delighted that we will become the sole manager for the Fund. LaSalle has been a co-sponsor of the fund since its inception and I consider it a natural evolution to bring all operations under one roof in the next stage of its growth.”

Euan Munro, Chief Executive Officer of Aviva Investors, said: “This deal makes sense for both parties, as well as clients in the REMM business and Encore+. We will now focus our efforts on being a direct operator in our chosen markets in Real Assets, which is a strategic priority for our business.”

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