LM Investment Management announces $1 billion funding deal
Australian fund manager LM Investment Management is conducting due diligence with two offshore real estate private equity funds in a deal worth $1 billion.
Both of the offshore funds - which LM declined to name due to the "confidential nature of the due diligence process" - have expressed an interest in funding property assets within the Managed Performance Fund and the First Mortgage Income Fund.
LM founder and chief executive Peter Drake said big fund houses in the US, Europe and Asia are looking upon Australia as an attractive investment destination.
LM chief financial officer Grant Fischer said the company had been in talks with the offshore funds for "several weeks".
"We have now moved to a lock-down for the complete asset due diligence and fund allocation. Particular interest is being shown toward the signature assets within the Managed Performance Fund and the First Mortgage Income Fund," he said.
LM currently holds Australian assets with a gross realisation value of $3 billion. The company operates nine offices worldwide and receives investment inflows from over 70 countries, according to an LM statement.
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