LaSalle Secures USD 456 Million from the Global Public Offering of LaSalle Logiport REIT in Japan
TOKYO (September 07, 2020) — LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announced it has completed the global public offering of LaSalle Logiport REIT (“LLR”), raising newly issued equity capital of 48.5 billion yen (approximately USD 456 million) on the back of strong demand from Japanese institutional trusts, regional banks, international institutional investors and retail investors in Japan. This marks the first global public offering of a Japanese real estate investment trust (“J-REIT”) since the start of the global Covid-19 pandemic in early 2020.
LaSalle’s logistics-focused J-REIT, LLR, will use the net proceeds of its latest public offering to acquire ownership interests in four logistics facilities: Logiport Kawasaki Bay and Logiport Shinmoriya located in the Tokyo Area as well as Logiport Amagasaki and Logiport Sakai located in the Osaka Area. With these acquisitions, LLR’s portfolio consists of 18 assets, totaling 1.9 million square meters, with total assets under management of 317.8 billion yen (approximately USD 3 billion).
Mark Gabbay, CEO Asia Pacific of LaSalle Investment Management, said: “With LLR, we are responding to strong investor appetite for quality logistics assets in Japan. Going forward, we will continue to grow and strengthen our portfolio with an active management strategy that leverages the global investment management knowledge of the LaSalle Group, as well as the deep expertise of our on-the-ground team.”
Keith Fujii, CEO and President of Japan at LaSalle Investment Management, said: “Robust growth in e-commerce and the drive for supply chain efficiencies, together with the institutionalization of logistics facilities as a real asset in Japan, continue to boost demand for modern logistics properties. Despite the challenges of the global pandemic, we are confident that both investors and tenants will continue to recognize the value of large-scale, high-performance logistics facilities.”
LaSalle has a long track record in Japanese logistics, having completed more than 2.36 million square meters in new development, 1.98 million square meters in new acquisitions, and 3.77 million square meters in leasing activity over the past 17 years. Since its debut in February 2016, LLR has doubled its assets under management and increased enterprise value by 2.6 times. LaSalle currently manages over USD 4 billion of logistics investments in Asia across key markets including Japan, Korea and China.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $65 billion of assets in private and public real estate property and debt investments as of Q1 2020. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://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.