EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT: CONTACT:
Hank Green Kim Dobbins
(212) 867-0132 (847) 332-2626
hank@benabe.com kdobbins@dobbcomm.com
J. & W. Seligman & Co. Incorporated Completes IPO for
Seligman LaSalle International Real Estate Fund
NEW YORK, June 5, 2007 - J. & W. Seligman & Co. Incorporated announced today
that it has successfully completed the offering of Seligman LaSalle
International Real Estate Fund, Inc., a closed-end investment company. The Fund
began trading on the New York Stock Exchange (NYSE) on May 25, 2007 under the
symbol SLS. The Fund raised $222.5 million through its common share offering,
excluding the potential exercise of the underwriters' over-allotment option,
which may not occur, and before deduction of the sales load. The lead
underwriter was Citigroup Global Markets, Inc.
"Seligman LaSalle International Real Estate Fund is a unique opportunity that
offers investors a way to participate in the real estate marketplace around the
world," said Charles W. Kadlec, President of Seligman Advisors, Inc. "Seligman
selected sub-advisers with experience, expertise, and world-wide research
support." he added.
The Fund is sub-advised by LaSalle Investment Management (Securities) LP and
LaSalle Investment Management Securities BV, (together, "LaSalle Securities").
LaSalle Securities is a leading real estate securities manager and an
operationally independent subsidiary of Jones Lang LaSalle Incorporated, a
leading global property services company.
According to Michelle Rappa, Managing Director of J. & W. Seligman & Co.
Incorporated and Director of Marketing, Seligman Advisors, Inc., the newly
introduced Fund offers investors an efficient method to secure a diversified
international real estate securities portfolio. "As the global economy continues
to expand and the number of foreign REITs proliferates, investors can use the
Fund to participate in the potential growth of real estate around the world,"
she said.
The Fund's primary investment objective is long-term capital appreciation, with
current income as a secondary objective. Todd Canter, Global Strategist of
LaSalle Securities, noted that international real estate securities over time
have generated strong relative performance with lower volatility than
traditional equities (1) and often exhibit low correlations to traditional
equities and fixed-income securities. (2) He added that regional real estate
markets also tend to have low correlations with each other, which can further
enhance portfolio diversification.
Seligman LaSalle International Real Estate Fund's management team will use a
fundamentals-based, value-oriented approach to investing. "Our valuation model
has been developed and tested for 21 years and helps us identify and prioritize
promising investment opportunities globally," said Portfolio Manager, Stan
Kraska. The team's research requirements will be supported by Jones Lang
LaSalle's professional on-site presence in 125 markets, representing 50
countries across five continents.
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A minimum of 80 percent of the Fund's real estate securities exposure will be
outside of the US, primarily to generate capital appreciation. To increase the
Fund's current income, the sub-advisers intend to pursue a dividend capture
strategy on the domestic component of the portfolio.
(1) The performance is based on index performance, and does not represent the
performance of the Fund. Real estate securities have had very strong relative
out-performance versus traditional common stocks and bonds. This strong
performance may not continue, and past performance is no guarantee of future
results.
Source: International Real Estate Securities: FTSE EPRA/NAREIT Global Real
Estate Index ex. US; International Stocks: MSCI EAFE Index; Global Bonds: JP
Morgan Global Government Bond Index; US Real Estate Securities: FTSE-NAREIT
Equity REITs Index. The FTSE EPRA/NAREIT Global Real Estate Index ex. US is a
market capitalization weighted index that is designed to reflect stock
performance of companies engaged in specific aspects of North American
(excluding the US), European, and Asian real estate markets. The MSCI EAFE Index
is a market capitalization index representing the developed markets outside
North America: Europe, Australasia, and the Far East. The FTSE-NAREIT Equity
REITs Index is a representative measure of real estate investment trusts in the
US. The JP Morgan Global Government Bond Index measures the total return of the
global government bond markets in developed countries, including the US. Both
the MSCI EAFE Index and the JP Morgan Global Government Bond Index are primarily
comprised of securities of issuers not operating in the real estate industry.
The return and principal value of an investment in stocks will fluctuate with
changes in market conditions. Investors cannot invest directly in an unmanaged
index.
(2) Source: Individual regions/countries are subsets of the FTSE EPRA/NAREIT
Global Real Estate Index. Calculations use monthly local currency returns from
January 1990 through December 2006. Because of currency fluctuations, returns in
US dollars would likely differ. Correlation is a statistical measure of the
degree to which the movements of two variables are related. A correlation of
1.00 means that all movements correlate perfectly to movements in a comparative
index. A lower number indicates that fewer movements correlate to movement in
the comparative index.
THE FUND SHOULD ONLY BE CONSIDERED AS ONE ELEMENT OF A COMPLETE INVESTMENT
PROGRAM. AN INVESTMENT IN THE FUND SHOULD BE CONSIDERED SPECULATIVE. CLOSED-END
FUNDS FREQUENTLY TRADE AT A DISCOUNT TO THEIR NET ASSET VALUES.
There is no assurance that the Fund will achieve its investment objectives and
you could lose money.
Investors should consider the investment objectives, risks, charges, and
expenses of the Fund carefully before investing. The prospectus, which contains
this and other information about the Fund, should be read carefully before
investing. A prospectus containing information regarding the Fund, including its
investment objectives, risks, charges and expenses and other information may be
obtained by contacting your financial advisor. Investors should read the
prospectus carefully before they invest or send money.
The Fund's shares do not represent a deposit in or obligation of, and are not
guaranteed or endorsed by, any bank or other insured depository institution, and
are not insured by the FDIC, the Federal Reserve Board or any other government
agency. You may lose money by investing in the Fund.
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About J. & W. Seligman & Co. Incorporated
J. & W. Seligman & Co. Incorporated, a New York-based investment manager and
advisor, was founded in 1864. In addition to providing management and advisory
services to institutional clients, the firm and its affiliates provide
individuals a broad array of investment options, including the US-based Seligman
Group of Funds with more than 60 portfolios. Additionally, the firm manages
Tri-Continental Corporation, which is traded on the New York Stock Exchange, and
a range of offshore investments available exclusively for non-US investors. J. &
W. Seligman & Co. Incorporated has an additional office in Palo Alto,
California. Seligman Advisors, Inc. is the principal underwriter for the
Seligman mutual funds. Seligman Services, Inc. provides client services to
shareholders. Seligman Advisors, Inc. and Seligman Services, Inc. are each an
affiliate of J. & W. Seligman & Co. Incorporated
About LaSalle Securities
LaSalle Investment Management (Securities) LP is a leading real estate
securities investment manager for pension funds, as well as institutional and
retail investors around the globe. With more than 20 years investment
experience, the firm has $9.5 billion of assets under management in listed real
estate securities, including US, European and global mandates. LaSalle
Investment Management (Securities) LP is LaSalle Investment Management's
specialist securities division, and as such benefits from the resources of both
LaSalle Investment Management and Jones Lang LaSalle. Based in Amsterdam,
LaSalle Investment Management (Securities) BV currently manages over $1.5
billion of assets.
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