GLOBAL - LaSalle Investment Management and Quantum Global Real Estate have announced a $1bn (€760m) joint venture, targeting holdings in Australia, the US and core European countries.

The companies said they would target core assets "in excess of $100m", with funding coming from both joint venture backers and a number of undisclosed clients.

A spokeswoman at Quantum said the company was not ready to disclose how much capital the JV had so far been able to attract.

But she added that, in addition to core properties, core-plus units would also be considered - with France, Germany and the UK being targeted in Europe.

LaSalle global chief executive Jeff Jacobsen and Quantum's chairman of the board Jean-Claude Bastos de Morais will oversee the venture, with Simon Morrison, chief investment officer at LaSalle's private equity business, heading up day-to-day operations.

Jacobsen said he was "delighted" with the partnership, adding: "The venture gives us access to capital that can be quickly deployed in large real estate assets, something [that is] of strategic importance in today's real estate investment environment."

The joint venture will look to invest on its own as well as with other institutional partners, with assets leveraged to allow it $1bn of buying power.

Syndicate-style arrangements will be considered in future to allow for additional funding.