LaSalle Investment Management ("LaSalle"), a leading global real estate investment manager, today announced it closed three transactions in Asia-Pacific worth a combined US$345 million earlier this month.
These transactions comprise:
- The acquisition of Nasu Outlet Mall in Japan by LaSalle Asian Opportunity Fund III.
Built in 2008, this is a 111-tenant retail outlet mall on the northern perimeter of Greater Tokyo. The fund is investing in a growing retail sector in Japan to capture the shift in consumer spending trends.
- The sale of Ibis Singapore on Bencoolen Street by LaSalle Asian Opportunity Fund II.
Located in Singapore’s historic Bugis area, this hotel comprises 538 contemporary guest rooms, two retail outlets, 68-car-parks, plus two food and beverage outlets.
- The acquisition of 179, Elizabeth Street in Sydney by LaSalle Asian Opportunity Fund III.
This Grade-A building purchased from GPT Wholesale Office is a freehold stratum with a net lettable area of 14,927 square meters.
Ian Mackie, LaSalle Asia Opportunity Fund President, said, "After two tough years following the global financial crisis, it is really exciting to have so much good news to announce within a week. We see strong growth potential in Asia Pacific where the markets are recovering much more rapidly than other parts of the world and we continue to seek more opportunities in this region."
Separately, LaSalle also recently launched the "Terrene at Bukit Timah" in Singapore, a joint venture residential project with UOL. The 172 condominiums were fully sold within the first month of launch.
LaSalle focuses on acquiring, repositioning, developing and redeveloping real estate assets throughout the region. With a strong portfolio, LaSalle has capitalized on investment opportunities in Asia-Pacific markets such as Australia, Singapore and Japan.
Mr. Mackie added, "Australia has successfully escaped the recession and financial crisis and the market remains strong. LaSalle is forecasting strong rental and capital growth for the Sydney and Melbourne office markets over the medium term, as a result of limited new supply and improving demand from office tenants."
He added, "Singapore, which suffered a big setback during the financial crisis, has bounced back strongly, with the market expected to remain solid. Meanwhile, Japan is still experiencing some difficulties overall, creating opportunities for astute investors with strong capital base."
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About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $40 billion of assets under management. LaSalle Investment Management is active across a range of real estate capital and operating markets including private and public, debt and equity. For more information, visit www.lasalle.com.
About LaSalle Asia Opportunity Fund III
LaSalle Asia Opportunity Fund III (LAOF III) is successor to LaSalle Investment Management’s Asia Recovery Fund and LaSalle Asia Opportunity Fund II, and third in line under the company’s successful pan-Asian flagship fund series. Launched in 2007, LAOF III is an opportunistic closed-end fund targeting undervalued and/or early growth markets and sectors, as well as developed Asia, and will focus on acquiring, repositioning, developing and redeveloping real estate assets throughout Asia Pacific.
LaSalle’s Asia Recovery Fund liquidated in 2009 with realized gross returns of 35% on $575 million of dispositions. LaSalle Asia Opportunity Fund II launched in 2005 and is managing its investments, with approximately $1.4 billion in assets as of March 31, 2010. LAOF III will continue to utilize LaSalle’s global in-house research platform, 100+ property professionals with more than 18 years experience on average locally in Asia, and extensive pipeline of exclusive investment opportunities within its pan-Asian investment program.
