LaSalle exceeds $1 billion for latest fund

Property_fundReal estate manager LaSalle Investment Management has raised $1.15 billion for the fifth in a series of pan-Asian, closed-ended property funds. The firm said the money came from 20 institutional investors from Asia, Europe, the Middle East and the US. Mark Gabbay, chief executive for the Asia Pacific, said the successful fundraising highlighted “Asia Pacific’s emergence as one of the most attractive destinations for real estate investors globally”. The majority (85%) of the capital is assigned to the fund with the remainder allocated for co-investments. The fund targets mispriced properties and has already allocated 37% of the committed capital in cities such as Tokyo, Singapore and Hangzhou. The LaSalle Asia Opportunity V fund was launched in August 2016 with an initial target of $750 million. The preceding fund in the series committed $585 million to a similar strategy. ©2018 funds global asia

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