LaSalle raises $3bn Asia fund

The firm has completed fundraising for the opportunity vehicle, which will focus chiefly on Japan, China and South Korea.

LaSalle Investment Management, the property investment arm of Jones Lang LaSalle, has raised a $3 billion (€2 billion) property fund targeting Asia.

In a statement, the firm said it would use leverage to increase the vehicle’s spending power to as much as $12 billion, focused primarily on China, Japan and Korea. LaSalle was unavailable for comment.

In June the firm told Reuters it expected assets under management in Asia to double in the next three years.

“Asia remains a key strategic priority for our business and we have a very active plan to grow our operations in the region,” LaSalle’s managing director Philip Ling said in the statement. “We see a lot of opportunity in Japan, which contains 50 percent of the total value of real estate in Asia, although we also see opportunities in Korea, China and elsewhere in Asia Pacific.”

In May LaSalle formed a joint venture agreement with Realty Vailog, an Italian industrial sector development company, to acquire and develop logistics facilities in the Greater Shanghai region. That acquisition was made by LaSalle Asia Opportunity Fund III, a $1 billion vehicle targeting opportunities across Asia.