Company news, Transactions

LaSalle strengthens its track record in South Korea with exits on two investments on behalf of the LaSalle Asia Opportunity Fund

Both exits will deliver opportunistic returns.
January 30, 2024
  • SEOUL (January 30, 2024) — LaSalle Investment Management (“LaSalle”) announced that it has recently exited two investments in South Korea on behalf of LaSalle Asia Opportunity Fund V (“LAO V”) and LaSalle Asia Opportunity Fund VI (“LAO VI”).

    The first deal was an exit of a real estate secured debt investment in the LAO VI portfolio which was repaid in December 2023, producing opportunistic equity returns. The loan was originated during market dislocations in early 2023 when credit spreads widened presenting this non-distressed lending opportunity. The loan was secured by a Grade A location land site entitled to develop a 10-storey office building with planned GFA of 6,480 pyung (21,421 sqm) in Seongsu District, Seoul. The borrower had a track record of developing, leasing and selling similar developments as Seoul’s office market continued to be resilient.

    Steve Hyung Kim, Senior Managing Director and Head of Korea for LaSalle, commented: “We are actively responding to recapitalization situations in selective projects to invest in preferred equity or secured junior debt. These types of investments are cyclically-driven and offer a balance of both downside protection and attractive risk-adjusted returns especially in the current environment. Aligned with this strategy, we are pleased to exit this investment with opportunistic returns for our limited partners in LAO VI.”

    In the second deal, also in South Korea, LAO V completed the sale of Logiport Osan at a price of KRW125.0 billion (approximately US$95.1 million) in January 2024. Strategically located directly off the Gyeongbu Expressway (Expressway #1), one of the primary national expressways in South Korea, Logiport Osan offers its logistics occupiers exceptional accessibility throughout Greater Seoul. Logiport Osan is a 4-story mixed-use modern warehouse with GFA of 12,078 pyung (39,927 sqm) and the project was pre-leased prior to completion in December 2022.

    Kim commented: “Logiport Osan was executed by LaSalle Korea in-house from land acquisition, to leasing, to managing the disposition. We are pleased to exit this investment and deliver opportunistic returns for our limited partners in LAO V.”

    LaSalle operates in Korea as a licensed asset management company managing over KRW1.67 trillion in AUM (as of Q3 2023) on behalf of both domestic and international clients.

    About LaSalle Investment Management | Investing Today. For Tomorrow.

    LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate property and debt investments as of Q3 2023. 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.

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    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.

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