LaSalle Investment Management has closed its fifth real estate vehicle on $728 million (€470 million) of equity commitments. With leverage, the global real estate investment firm believes the value-added fund, LaSalle Income & Growth Fund V, will have a purchasing power of close to $2 billion.
Fund V is the fifth in a series of LaSalle funds targeting the US office, apartment, industrial and retail sectors. In a statement, fund president and managing director Jim Hutchinson said LaSalle would also look at properties affected by the “constrained capital markets” where assets could produce high levels of income but also offer value-add opportunities.
“We have a proven track record through multiple real estate cycles,” Hutchinson said.
LaSalle’s Income and Growth Fund series was launched in 1996, with each fund having a general holding period of three to five years. Funds I and II are now fully liquidated, according to the firm, while Fund III is managing assets. Fund IV, which raised $500 million in equity, is fully committed.