LaSalle Investment Management (“LaSalle”) today announced the final closing of LaSalle Asia Opportunity Fund III, the third in a line of successful opportunity funds launched by LaSalle focused on developed Asia.  LaSalle Asia Opportunity Fund III raised USD$3 billion, and with leverage will have a total potential buying power of USD$10-12 billion.

The close of this latest fund comes shortly after the close of LaSalle Japan Logistics Fund II late last year, raising JPY 90 billion ($USD820 million), providing a total buying power of JPY 260-360 billion (USD$2.4-3.3 billion).  These two successful fund raises illustrate the positive real estate investment environment in Asia and LaSalle’s commitment to and success in investing in the region.  The leading global real estate investment manager expects its assets under management in Asia to double in the next three years as these funds become invested and as strong fundamentals and above-trend economic growth continue to support a positive outlook for the Asian real estate sector.  LaSalle holds approximately $11 billion in Asia property assets under management.

Philip Ling, Managing Director, LaSalle Investment Management: “Asia remains a key strategic priority for our business and we have a very active plan to grow our operations in the region.  The successful closure of these two funds is a very positive step toward our goals and we have been extremely pleased with the commitment from both previous and new investors, who were attracted by the depth and quality of our experience in Asia.

“We see a lot of opportunity in Japan, which contains 50 percent of the total value of real estate assets in Asia, although we also see opportunities in Korea, China and elsewhere in Asia Pacific.  We will continue investing in large scale, modern warehouses in Japan through JLF II, as we believe this sector offers a lot of potential, with highly efficient warehouses still comprising a very small proportion of the overall storage market.”

About LaSalle Asia Opportunity Fund III
LaSalle Asia Opportunity Fund III was launched in 2007 and is an opportunistic fund with around USD$10-12 billion in buying power, including leverage, investing across Asia.  Focus regions include Japan, Korea, Hong Kong, Singapore and China.  The fund will seek to acquire, reposition, develop and redevelop assets.  The fund will invest in all property types.  Predecessor funds include LaSalle Asia Recovery, launched in 2002 and currently disinvesting, and LaSalle Asia Opportunity Fund II, launched in 2005 and currently managing assets.

About LaSalle Japan Logistics Fund II
LaSalle Japan Logistics Fund II was launched in 2007 and is an opportunistic fund currently investing capital.  The fund focuses on investment opportunities in industrial properties across Japan and is second in this series of funds.  Its predecessor, Japan Logistics Fund, launched in 2004 and is currently managing assets.