Global real estate investment manager LaSalle Investment Management is launching the LaSalle Japan Property fund, a private open-ended core real estate fund.
The fund would focus on investments in Tokyo, Osaka, Nagoya, and Fukuoka across office, industrial, retail and multi-family sectors.
The fund launched with ¥61 billion ($827 million) of initial commitments from Japanese investors and loans from Japanese financial institutions.
The initial portfolio included six assets selected from LaSalle’s research and strategy framework of Demographic, Technology and Urbanization (DTU) for purchase of ¥105 billion.
The aim was to grow to ¥200 billion in three years and ¥300 billion in five years.
Ryota Morioka, LaSalle Japan Property Fund fund manager, said strong market fundamentals in Japan, transparent capital markets, depth of existing stock and high barriers-to-entry made the core real estate market a compelling strategy in the current environment.
“For LaSalle Japan Property Fund, we seek to leverage our existing relationships in the office, retail, industrial and multi-family sectors to create a high-quality, diversified portfolio of stabilized core assets,” Morioka said.