LaSalle Investment Management’s logistics-focused Japanese real estate investment trust has raised JPY48.5bn (€388.5m) in a global public offering.
The manager’s LaSalle Logiport REIT (LLR) fundraising was backed by Japanese institutional trusts, regional banks, international institutional investors and retail investors in Japan.
LaSalle said the proceeds from the capital raising will be used by LLR to acquire ownership interests in four logistics facilities.
Following the completion of the acquisitions, LLR’s portfolio consists of 18 assets, with total assets under management of JPY317.8bn.
The assets being acquired are the Logiport Kawasaki Bay and the Logiport Shinmoriya facility in the Tokyo Area as well as Logiport Amagasaki and Logiport Sakai in the Osaka Area.
Mark Gabbay, CEO Asia Pacific of LaSalle Investment Management, said: “With LLR, we are responding to strong investor appetite for quality logistics assets in Japan.
”Going forward, we will continue to grow and strengthen our portfolio with an active management strategy that leverages the global investment management knowledge of the LaSalle Group, as well as the deep expertise of our on-the-ground team.”
Keith Fujii, LaSalle Investment Management CEO and president of Japan, said: “Robust growth in e-commerce and the drive for supply chain efficiencies, together with the institutionalisation of logistics facilities as a real asset in Japan, continue to boost demand for modern logistics properties.
“Despite the challenges of the global pandemic, we are confident that both investors and tenants will continue to recognise the value of large-scale, high-performance logistics facilities.”
The publicly-traded LLR was launched in 2016.
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