Investment Management has raised US$335m (鈧�286m) for its Asia-Pacific opportunistic real estate fund and increased its target size.
The company said pending commitments to LaSalle Asia Opportunity V would take the fund up to US$700m, and that it had increased its fundraising target from US$750m to US$1bn.
Mark Gabbay, Asia-Pacific CEO at LaSalle, the 鈥渄epth of institutional demand鈥� highlighted its track record in Asian opportunistic investment.
The company has invested more than US$10bn in approxiately 150 assets over the years for its Asia Opportunity fund series.
The fifth fund was launched 12 months ago as a successor to the US$485m LaSalle Asia Opportunity Fund IV, which LaSalle said is expected to outperform its net total return target of 18%.
At the time of the launch, that he expected to raise US$400m in a first close, mostly from repeat investors in Fund IV.
LaSalle said it would 鈥渇ollow the same risk profile鈥� for both funds and would look to take advantage of mispriced assets and opportunities reposition and redevelop assets, with a view to creating core assets that can be sold to institutional buyers.
The fund will be able to invest in development projects although it will limit its exposure.
Target markets include Japan, Australia, China, Singapore, Hong Kong and Korea.
