LaSalle Investment Management, Inc., announced today that it has successfully concluded fundraising for its LaSalle Asia Opportunity Fund II with US$1 billion of equity commitments from 34 investors, including major pension funds, endowments and foundations, and private individuals from the United States, Europe, the Middle East and Asia Pacific. The Fund will acquire a diversified portfolio of approximately US$4 billion across the region over the next few years.
"We're extremely pleased to have gained such support from our clients in just seven months of capital raising" said Jack Chandler, CEO of LaSalle Investment Management, Asia Pacific. "In recent years, Asia has consistently been the world's fastest growing regional economy and the current positive macroeconomic conditions, property fundamentals and increasing transparency create an excellent opportunity to realize attractive risk-adjusted returns in a range of Asian countries."
The Fund will acquire and manage office, retail, residential, logistics, luxury resort and other commercial properties throughout Asia, with a primary focus on Japan, Korea, and Greater China. LaSalle plans to extend and build upon its successful investment strategy pursued in its prior pan-Asian fund, the LaSalle Asia Recovery Fund. LaSalle has now completed the investment activity for this Fund, creating a US$800 million portfolio of stable, high yielding properties.
The LaSalle Asia Opportunity Fund II has already committed roughly 20% of the Fund to nine properties in Japan and Korea, and is in negotiations for properties for that would comprise a further 20% of the Fund.
"LaSalle Investment Management has now invested over US$3 billion in Asia Pacific over the past five years" said Ian Mackie, President of the LaSalle Asia Opportunity Fund II. "This track record, combined with our extensive contacts and relationships in Asia, together with our access to the Jones Lang LaSalle group, will provide us with exceptional deal sourcing opportunities to generate significant proprietary deal flow throughout the region for this Fund".
Source: LaSalle Investment Management