GLOBAL - LaSalle Investment Management has completed fundraising for its Asia Recovery Fund.
The fund attracted 15 undisclosed investors, including major pension funds and institutions from the US, Europe, the Middle East, Australia, and Asia. LaSalle will acquire US$600m of property in Asia Pacific. The fund has already acquired or committed to four properties totalling US$225m in Tokyo and Seoul, and will focus primarily on financial centres in other developed regions, including Hong Kong and Singapore.
“We have been acquiring core assets in prime submarkets with strong tenancy profiles,” said Ian Mackie, president of the LaSalle Asia Recovery Fund.
“We are able to utilise our platform and relationships to source attractive off-market transactions from sellers and lenders who are looking for a local player who is both very familiar with the markets and can move quickly. Our substantial on-the-ground teams in these opaque markets enable us to underwrite assets with great confidence and to execute leasing and management strategies to create value for our investors.” Property specialists LaSalle Investment Management has over E25bn of assets under management worldwide.
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