LaSalle Investment Management’s first open-ended real estate fund targeting core properties in major markets across Canada has been seeded with C$750m (€493.1m) of assets.
LaSalle Canada Property Fund (LCPF) is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle.
The real estate investment manager said LCPF has been seeded with a core portfolio of assets valued at C$440m of initial contributions from a long-term and institutional investor.
The fund has also C$310m of assets available in subsequent transfers, creating a near-term pipeline of properties to be added in the future, it said.
As a result, the fund is expected to provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial and multifamily assets located in top Canadian cities including Vancouver, Toronto and Ottawa.
“With its near-term pipeline of potential future investments LCPF will seek to take advantage of mispriced assets as it continues to grow,” LaSalle said.
John McKinlay, LaSalle Canada CEO, said: “We are excited to launch our first Canadian open-ended fund with a sizable portfolio that directly aligns with the vehicle’s investment parameters given its high asset quality, potential to generate strong recurring cash flows and desirable locations.
“We are strong believers in the long-term potential of the Canadian real estate market and are confident in our ability to build a high-quality portfolio of income-producing assets.”
Jason Kern, LaSalle Americas CEO, said: “The creation of LaSalle Canada Property Fund advances our strategy to offer our global investor base access to a best-in-class suite of products targeting a diverse range of real estate investments.
“Canada’s large, transparent real estate market is one we know very well, providing us with a sustainable competitive advantage as we invest into core assets.”
LaSalle said the fund expands its existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
Since 2000, LaSalle has executed on an aggregate of around C$5bn in Canadian real estate.
