LaSalle Investment Management, the asset management division of global property services firm Jones Lang LaSalle, said this week it plans to triple its investments in Asia from $7 billion to $20 billion (€5 billion to €15 billion) in the next three to four years.
Jack Chandler, LaSalle Investment Management’s chief executive officer in the Asia-Pacific region , told Bloomberg this week that the firm’s Asian funds have outperformed LaSalle’s internal rate of return of about 18 to 20 percent, and have done better than other regions’ funds in the past few years. He added that the new money will be directed at opportunities in East Asia and Australia.
LaSalle, which manages more than $44 billion in real estate assets, began investing in Asia in 2000 and has six regional funds. Japan accounts for most of its investments in the region and will continue to be its biggest market, Chandler said.
Jones Lang LaSalle merged its Indian operations with the privately held Indian real estate services company Trammell Crow Meghraj earlier this month, creating Jones Lang LaSalle Meghraj. The new company will have 44 million square feet under management in India. The merger adds a significant Indian base to Jones Lang LaSalle’s global platform, which already has approximately 160 offices in more than 450 cities in over 50 countries.