LaSalle targets Japan with diversified core property fund

LaSalle Investment Management has launched a private open-end core fund, focused on the Japanese real estate market.

The LaSalle Japan Property Fund will invest mainly in the Japanese cities of Tokyo, Osaka, Nagoya and Fukuoka in a variety of asset classes, including the office, industrial, retail and multifamily sectors.

The fund launched with ¥61 billion ($560 million) of initial equity commitments from Japanese investors, along with loans from major Japanese financial institutions. According to LaSalle, it will target capital from international investors in the future.

The initial portfolio consists of six assets valued at ¥105 billion ($965 million), which were selected based on LaSalle’s research and strategy framework of demographics, technology and urbanization.

The fund is aiming to grow to ¥200 billion ($1.8 billion) in three years and ¥300 billion ($2.7 billion) in five years.

“We are excited to launch our first private open-ended