La Salle Investment Management has raised $1bn (€740m) for its Asia investment strategies.
The amount includes a final cose for LaSalle’s Asia Opportunity Fund IV, as well as equity raised for two separate account mandates in Japan and Australia.
LaSalle said the amount raised gives it the firepower to buy up to $3bn of assets.
The final close of the opportunity fund resulted in total commitments of $485m, as well as $100m in co-investment capital for China logistics deals.
The opportunity fund, the fourth launched by LaSalle for the Asia-Pacific region, is focused on Australia, China, Japan and South Korea.
Investors in the fund include sovereign wealth and pension funds from the US, the Middle East and Europe.
Illinois Teachers Retirement System, San Diego City Employees’ Retirement System and Arkansas Teachers Retirement System are among those to have invested.
The two separate account mandates will focus on income-producing assets in Japan and Australia in need of active asset management plans.
The value-add accounts are targeting total gross returns in the “mid-teens”, LaSalle said, with a significant portion of returns coming from current, in-place cash flow.
Mark Gabbay, co-chief executive officer for Asia-Pacific at LaSalle, said there were “attractive investment opportunities” in income-producing assets in Japan and logistics assets and special situations in Korea.
Gabbay also identified retail and urban for-sale residential developments in Australia and logistics assets in China’s Tier 1 and Tier 2 cities.
LaSalle currently manages $4.8bn in Asia-Pacific property assets.
Since 2002, it has completed more than $14bn of acquisitions and $8bn of dispositions in the region.
- American Investors
- Asian Investors
- Capital Raising
- European Investors
- Hong Kong
- Illinois Teachers
- LaSalle Investment
- Pension Funds
- Real Estate
- San Diego City Employees Retirement Association
- South Korea
- Sovereign Funds
- US Investors