LaSalle Investment Management has completed an initial closing of the LaSalle Japan Property fund. This will be its first private open-ended core property fund in Asia. The fund raised commitments from Japanese investors that totaled JPY 61bn (US$560m) and aims to grow to US $1.8bn in three years and later to US $2.7bn in five years.
The fund aims to invest in office, industrial, retail and multi-family sectors and focus Tokyo, Osaka, Nagoya, and Fukuoka, respectively.
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