LaSalle boosts Australia assets to $1.8b with acquisition of Trinity Funds Management

Upon completion of the deal, LaSalle will increase its assets in Australia to A$1.7 billion ($1.8 billion). It is assuming control of four property funds run by TFM with approxiamtely A$650 million ($690 million) in assets under management. The US-based real estate investment manager wants to reach A$5 billion ($5.3 billion) by 2016.

After the merger, TFM’s funds will be rebranded under the LaSalle name. This includes Trinity Property Trust, the A$580 million ($620 million) open-end diversified core-plus flagship fund, which will be renamed LaSalle Australia Core-Plus Fund. According to the statement, LaSalle’s parent company, Jones Lang LaSalle, will hold a 6.2% co-investment stake in this fund from entities associated with the sellers.

Philip Ling, chief executive of LaSalle Investment Management Asia Pacific, said, “The acquisition of TFM represents the preferred near-term opportunity and entry point for LaSalle into the Australian market, providing immediate scale, visibility and profitability.”

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• Topics
• Real estate
• Real estate
• Australasia
• Buyouts
• Timothy Jones