LASALLE has secured US$335 million of capital commitments for its LaSalle Asia Opportunity V, with pending commitments that would bring the total raised to US$700 million.
The fund is the fifth in a series of closed-end, pan-Asia opportunistic funds, and LaSalle is expecting it to exceed its initial target of US$750 million, and has set a new capital raising target of US$1 billion.
LaSalle will look to use the fund for “misprices” assets with value add opportunities via repositioning and redevelopment in Australia, China, Japan, Singapore, Hong Kong and Korea.
Its predecessor fund, LaSalle Asia Opportunity Fund IV, committed US$485 million to a similar strategy and will most likely outperform its target net return of 18%.
“The Fund has identified several growing trends in the Asian market including: solid growth in rents paired with potential capital value appreciation over the near term; varying market cycles which allow investors to diversify risk and return over the hold period; and finally, the rising demand for core assets,” LaSalle said.
It has invested more than US$10 billion on behalf of the series’ funds across 150 investments.
Australian Property Journal
