LaSalle Secures US$681 Million for the First Closing of its Newly Launched China Logistics Fund
SHANGHAI (April 09, 2020) — LaSalle Investment Management (“LaSalle”) today announced it has completed the first close of LaSalle China Logistics Venture (“LCLV” or the “Fund”). The Fund and its co-investment vehicle have received initial capital commitments of US$681 million. LaSalle’s first dedicated China logistics vehicle has seen strong demand from investors, attracting a diverse mix of investors from Europe, the Middle East, and Asia. The Fund retained support from existing LaSalle investors as well as attracting capital from investors which are new to LaSalle.
LCLV will invest across tier I and tier II cities located in China’s key logistics regions, including the Yangtze River Delta (Greater Shanghai), Bohai Bay (Greater Beijing) and Greater Bay (South China). The Fund seeks to develop and build a diversified portfolio of modern logistics facilities in markets with strong fundamentals, capturing attractive development margins. LCLV also seeks to acquire and reposition underperforming logistics assets. The Fund will also look to invest in cold chain logistics, benefiting from the rising demand from the fresh food sector in China.
LCLV has recently acquired two development sites located in prime Shanghai satellite markets of Kunshan and Jiaxing. It has also acquired three stabilized logistics assets in Wujiang, Tianjin and Huizhou.
LaSalle has a long track record in China logistics, completing more than US$1.5 billion of transactions since 2008. LaSalle currently manages over US$4 billion of logistics investments in Asia, across key markets including China, Japan and Korea.
Mark Gabbay, CEO Asia Pacific of LaSalle Investment Management, said: “With LCLV, we are responding to strong investor appetite for quality logistics assets. The quick completion of our first close is a testament to our strong track record and to the attractive returns available in the logistics sector in China.”
Claire Tang, Head of Greater China at LaSalle Investment Management, said: “Growth in domestic consumption, and e-commerce in particular, will continue to boost demand for modern logistics properties. With the closing of our new Fund, we will draw upon our regional resources and local expertise in the sector to pursue compelling investment opportunities and expand our investment footprint.”
Yen Tjin Chan, Fund Manager, LaSalle China Logistics Venture, said: “We are pleased with the fundraising success of LCLV. We seek to continue to leverage on our strong on-the ground team as well our existing partnerships to develop and acquire a diversified portfolio of logistics assets.”
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.
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