LaSalle Canadian Core Fund raises CAD800 million of equity
LaSalle Investment Management’s (LaSalle) Canada Property Fund (LCPF), the firm’s flagship open-ended core real estate fund in Canada, has secured up to CAD350 million of new capital commitments to add to its initial seed investment and launch in December 2017.
The new investments were made by a multilateral government pension fund, a European-based global financial institution that accessed the Fund through a parallel structure established in Luxembourg to allow access to certain European investors, as well as by LaSalle Investment Management and its employees. The new commitments combined with the contribution associated with the seed portfolio reflect a total gross asset value to exceed CAD1 billion since the Fund’s launch1. LCPF complements other LaSalle core open-end funds in the US and Europe, which collectively manage more than USD9 billion of AUM.
Following acceptance of the new capital commitments, the Fund closed on acquisitions of two core assets located in Ottawa and Calgary, described below.
John McKinlay, LaSalle Canada CEO, says: “We are pleased with the strong institutional interest and capital raising momentum experienced by the Fund, as we have leveraged LaSalle’s global platform and client relationships to drive growth over a short period of time. Equally as important is the efficiency with which we are able to put that capital to work, highlighted by the dual property acquisition that occurred in conjunction with the new equity commitments. Since launching the Fund eight months ago, there has been significant global investor interest, which we think demonstrates the sustained demand for core real estate assets in Canada as a stabilised investment opportunity in North America.”