LaSalle Investment to raise $700m Asia property fund
LaSalle Investment Management, a unit of Chicago-based Jones Lang LaSalle, is seeking to raise $700 million for an Asia Pacific property fund.
The manager has already purchased an industrial asset in China, as well as an office property in Japan to seed the new Asia Opportunity Fund IV, two people familiar with the matter told Bloomberg.
The new vehicle reportedly started fundraising in October 2011 and was targeting a first close of $300 million for the first quarter of 2012. It focuses on industrial properties and hotels in Australia and China, retail properties in Australia, industrial assets and offices in Japan, and higher-return housing in select cities in China.
Commercial property investment in Asia increased by 13% last year as the region overtook North America to become the world's second-largest real estate market.
LaSalle Investment is also raising capital for its third Japan Logistic fund, after it launched its predecessors in 2004 and 2007.
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