LaSalle Launches Canadian Open-Ended Real Estate Fund with the Phased Acquisition of a C$750 Million Seed Portfolio
TORONTO (December 18, 2017) — LaSalle Investment Management (“LaSalle”) is pleased to announce the launch of LaSalle Canada Property Fund (the “Fund” or “LCPF”), its first open-ended real estate fund targeting core properties in major markets across Canada. The Fund is targeting commitments from Canadian and global institutional investors seeking access to the Canadian real estate market through a diversified, income-oriented vehicle.
LCPF 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.
The Fund will leverage the established platform of one of the world’s leading dedicated real estate firms, with broad experience managing diversified open-ended funds and other investment structures on behalf of sophisticated investors around the world. LaSalle will also leverage an experienced team of 21 dedicated professionals and a strong track-record of transactional execution and investment performance in the Canadian market.
John McKinlay, LaSalle Canada CEO, said: “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. 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, said: “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.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.