LaSalle Investment Management announced that it has launched its first open-ended real estate fund, which will target commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle.
LaSalle Canada Property Fund has been seeded with a core portfolio of assets valued at C$440 million of initial contributions from a long-term and sophisticated institutional investor. The Fund has a potential of up to C$310 million of assets available in subsequent transfers, creating a near-term pipeline of properties to be added in the future. In this way, the Fund will provide investors with immediate exposure to a diverse and mature portfolio comprised of office, industrial and multifamily assets located in top Canadian cities including Vancouver, Toronto and Ottawa. With its near-term pipeline of potential future investments LCPF will seek to take advantage of mispriced assets as it continues to grow.
“We are excited to launch our first Canadian open-ended fund with a sizable portfolio that directly aligns with the vehicle’s investment parameters given its high asset quality, potential to generate strong recurring cash flows and desirable locations,” said John McKinlay, LaSalle Canada CEO. “We are strong believers in the long-term potential of the Canadian real estate market and are confident in our ability to build a high-quality portfolio of income-producing assets.”
Jason Kern, LaSalle Americas CEO, added: “The creation of LaSalle Canada Property Fund advances our strategy to offer our global investor base access to a best-in-class suite of products targeting a diverse range of real estate investments. Canada’s large, transparent real estate market is one we know very well, providing us with a sustainable competitive advantage as we invest into core assets.”
LaSalle has executed on an aggregate of approximately C$5 billion in Canadian real estate since 2000, providing it with an in-depth understanding of the market. The Fund expands LaSalle’s existing Canadian real estate product suite and investment vehicles, which include a series of closed-end commingled funds as well as separate accounts.
