LaSalle Investment Management has completed a second close of LaSalle Canadian Income & Growth Fund IV at an aggregate total of just over CAD216 million, with commitments from 10 Canadian institutional investors.
This is LaSalle’s fourth Canadian value-add fund and is targeting CAD250 million in equity and a final close in on or before 20 December 2014.
“We are very pleased with the support we have received from investors and the confidence they have in our track record and strategy. We look forward to investing the capital in investments that will meet our objectives for return and growth,” says Zelick Altman, managing director and Canada CEO for LaSalle. “We have a deep understanding of the Canadian market and our strategy is to identify and capitalise on assets with solid income growth and capital appreciation potential.”
“We are targeting industrial developments in the west-end of Toronto as well as in Western Canada where there is strong demand, combined with little new supply,” says Chris Langstaff, senior vice president of research and strategy for LaSalle Investment Management. “Another top pick is edge-of-central-business-district offices and select suburban office nodes with access to transit.”
LaSalle recently announced the acquisition of suburban office buildings in Calgary and Edmonton for Canadian Income & Growth IV.
The fund was launched in April 2013, offering investors the expertise and knowledge of LaSalle’s established property platform, as well as access to Canada’s flagship value-add fund series which has provided stable income and strong capital appreciation.
The fund invests in non-core properties with stable income and upside potential across the office, retail, industrial and multifamily residential market segments with a focus on Canada’s top six metro areas: Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal.