LaSalle Investment Management, on behalf of LaSalle Asia Opportunity Fund VI, has executed a recapitalization of a multifamily portfolio in China to generate liquidity and return its original investment through the issuance of preferred equity interests to a new fund vehicle managed by China Life Capital. LaSalle will retain majority ownership in the recapitalized structure and continue to manage the assets through its multifamily operating platform, COZI.
The portfolio comprises two assets with a combined gross floor area of 37,726 square meters (406,079 square feet) and 997 units located in Shanghai’s Yangpu District, a submarket benefiting from long-term urban regeneration. The properties were acquired as office assets and subsequently repositioned as multifamily units under a value-creation strategy. Both assets are stabilized, with an average occupancy of 95 percent.
The preferred-equity structure injects new domestic capital into an existing investment while al
