LaSalle Investment Management Completes First Close of Canadian Income & Growth Fund IV
January 15 2014 - LaSalle today announced it completed a first close of LaSalle Canadian Income & Growth Fund IV (the “Fund”) at an aggregate total of C$110 million.
LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announced it completed a first close of LaSalle Canadian Income & Growth Fund IV (the “Fund”) at an aggregate total of C$110 million. The closing was held on December 20, 2013, just eight months after fund raising commenced, with secured commitments from four Canadian institutional investors. This is LaSalle’s fourth Canadian value-add fund and is targeting C$250 million in equity.
“The sustained strength of the Canadian real estate market has contributed to a successful track record of value add property investing through our flagship Canadian Income and Growth Fund series,” said Zelick Altman, Managing Director and head of LaSalle’s Canadian business. “We expect the Canadian economy to continue to provide opportunities to capitalize on properties with attractive income that also have the potential for value creation through focused asset management.”
“As evidenced by the quick completion of the Fund’s first close, investors recognize our strong investment results, and we look forward to a final closing,” said Jason Kern, Americas CEO for LaSalle. “Our experienced Canadian investment team possesses a deep understanding of the market that positions us for success as we work to deliver results and positive returns for our investors.”
Marketing for the Fund commenced in April 2013, offering investors the expertise and knowledge of LaSalle’s established Canadian real estate platform, which provides investors with the opportunity to access potential income and capital appreciation in Canada’s real estate market. The Fund’s investment strategy targets value-add real estate opportunities across the office, retail, industrial and multifamily residential sectors, with a focus on Canada’s top six metro areas: Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal. Prior funds successfully launched in the series include LaSalle Canadian Income & Growth Fund I (2003), LaSalle Canadian Income & Growth Fund II (2006) and LaSalle Canadian Income & Growth Fund III (2009).