LaSalle Investment Management has closed its fourth Japanese logistics fund.

The global real estate manager said its JLF IV fund has the equivalent of $350m (€300m) in equity to invest, which will allow for a total investment volume of over $1bn for developments and value-add warehouses in Japan.

JLF IV will focus primarily on the greater Tokyo and Osaka markets.

LaSalle said its JLF fund series has completed 34 investments worth more than $3bn of investments since 2004, raising $1.5bn of equity.

Yasuo Nakashima, CEO of Japan and fund manager at LaSalle, said: “With JLF IV, we are responding to the strong investor appetite for warehouses, which are now considered an investment grade asset class.

“Favourable market fundamentals are supportive of the fund’s investment strategy and allow us to identify opportunities at the asset level.”