Real estate investment manager, LaSalle Investment Management, has launched a Japan property fund with US$560 million of initial equity commitments from Japanese investors and loans extended by Japanese financial institutions.
The private open-ended core real estate fund, LaSalle’s first in Asia, invests in core properties in Japan. LaSalle said the initial portfolio includes six assets for a purchase price of $965 million.
The fund will invest primarily in Tokyo, Osaka, Nagoya and Fukuoka in diversified assets in the office, industrial, retail and multi-family sectors. It is also targeting growth to reach $1.8 billion in three years and $2.7 billion in five years.
The strategy will target capital from international investors in future.
“Strong market fundamentals across Japan, combined with transparent capital markets, depth of existing stock and high barriers-to-entry make the core real estate market a compelling strategy in the current environment,” said Ryota Morioka, a fund manager at LaSalle Japan Property Fund.
©2019 funds global asia