LaSalle completes first close of Canadian Income & Growth Fund IV
LaSalle Investment Management has completed a first close of LaSalle Canadian Income & Growth Fund IV at an aggregate total of CAD110m.
The closing was held on 20 December 2013, just eight months after fund raising commenced, with secured commitments from four Canadian institutional investors.
This is LaSalle’s fourth Canadian value-add fund and is targeting CAD250m in equity.
“The sustained strength of the Canadian real estate market has contributed to a successful track record of value-add property investing through our flagship Canadian Income and Growth Fund series,” says Zelick Altman, managing director and head of LaSalle’s Canadian business. “We expect the Canadian economy to continue to provide opportunities to capitalise on properties with attractive income that also have the potential for value creation through focused asset management.”
Marketing for the fund commenced in April 2013, offering investors the expertise and knowledge of LaSalle’s Canadian real estate platform, which provides investors with the opportunity to access potential income and capital appreciation in Canada’s real estate market.
The fund’s investment strategy targets value-add real estate opportunities across the office, retail, industrial and multifamily residential sectors, with a focus on Canada’s top six metro areas: Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal.
Prior funds successfully launched in the series include LaSalle Canadian Income & Growth Fund I (2003), LaSalle Canadian Income & Growth Fund II (2006) and LaSalle Canadian Income & Growth Fund III (2009).