Another billion-dollar real estate fund is snapping up core properties in the booming Asian market. LaSalle Investment Management recently invested $1.4 billion in three separate acquisitions through its opportunistic Asia Property Fund. The newly acquired assets include prime office and retail properties located in Tokyo, Singapore and Melbourne. The fund will target properties in the Pacific Rim.
In Tokyo, the 26-story Tennoz First Tower is located in the bustling Shinagawa-ward near the Tennoz Isle monorail station. The Prudential Tower in Singapore (left) is a fully leased, 30-story office tower. The fund acquired a stake in the 25th through 30th floors of the property. The fund also acquired a 50% interest in Westfield Doncaster, a super-regional shopping center that will feature roughly 400 stores when it is completed in 2008.
“These assets represent strong growth prospects and are significant additions to the fund portfolio,” says LaSalle Investment Management regional director Marc Montanus.
Direct investment in the Asia-Pacific commercial property market totaled $43 billion during the first half of 2006, up 40% from the same period in 2005. Citigroup Property Investors and ING Real Estate have both launched billion-dollar property funds that will target Asian markets.