LaSalle holds $214m final close for fourth Canadian fund
LaSalle Investment Management has held a final close for LaSalle Canadian Income & Growth Fund IV after raising C$256 million ($213.8 million) from 11 Canadian institutional investors.
“Ours is a value-add fund, whereas most funds in the Canadian market are targeting core real estate,” explains Zelick Altman, fund president and Canada CEO for LaSalle.
“Rather than seeking stabilized properties with long-term hold horizons, we are looking to invest in properties where we can increase the income and value of the properties via active asset management such as releasing, redesigning space and redevelopment. Then, once we have executed our strategy, we sell the properties to maximize the overall return from the investment.”
The fund, which launched in May 2013 with a C$250 million ($208.8 million) fundraising goal, is seeking low double-digit net returns to investors.
With leverage, the fund has a t