EXCLUSIVE: LaSalle plots $750m Asia opp fund

The Chicago-based real estate investment management business is believed to be preparing for the launch of its fifth pan-Asia opportunistic private equity real estate fund

LaSalle Investment Management, the real estate investment management business of global property services firm JLL, is preparing the launch of its fifth pan-Asia opportunistic real estate fund.

PERE can reveal that the firm has set a $750 million fundraising target for LaSalle Asia Opportunity Fund V (LAOF V), which is expected to be launched in the first quarter of 2016.

LaSalle declined to comment.

While the investment strategy of LAOF V is not known yet, predecessors in the series were targeted to be invested in Australia, Japan, China and South Korea.

The news of the fund launch comes close to 16 months after LAOF IV, the fourth fund in the firm’s opportunistic series, was closed on $585 million. In June last year, it was announced that LaSalle had raised $485 million for the blind-pool vehicle and the remaining $100 million in co-investment capital specifically for China logistics deals.

Investors for LAOF IV included sovereign wealth and pension funds from the US, the Middle East and Europe. At the time of the fund closing, LaSalle had pointed to US pensions such as the Illinois Teachers Retirement System, San Diego City Employees’ Retirement System (SDCERS) and Arkansas Teachers Retirement System as examples of investors who backed the fundraise.

Meanwhile, LaSalle is also in the process of putting a large portfolio of retail properties in Japan up for sale. PERE reported last month that the firm had appointed the Japan office of London-based property brokerage Savills to market the six-asset portfolio and expected to receive bids from institutional investors in excess of $1 billion. The first round of bids is believed to be called before the end of the year. The sale is expected to reflect a going-in yield of around 4.75 percent.