LaSalle holds second close for Canadian fourth fund

LaSalle Canadian Income & Growth Fund IV has held a second close, raising more than C$216 million ($197.9 million), confirms LaSalle Investment Management.  The value-added fund launched in April 2013 with a C$250 million ($229 million) target.  The firm aims to hold a final close on or before Dec. 20.

A first close was held on Dec. 20, 2013, eight months after fundraising began.

The fund invests in noncore properties with stable income and upside potential across the office, retail, industrial and multifamily residential market segments with a focus on Canada’s top six metro areas: Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver.

In June, LaSalle Canadian Income & Growth Fund IV made its first acquisitions. The fund purchased three suburban office buildings in Calgary and Edmonton totaling 305,452 square feet for $70.0 million. The three properties were Plaza 12