LaSalle Investment Management announced Friday it acquired Trinity Funds Management, a Brisbane, Australia-based manager, from Trinity Group and Clarence Property Corp., confirmed LaSalle spokeswoman Stefanie Murphy.
The transaction was for A$9.25 million ($9.9 million).
Steve Leigh, CEO of Trinity Funds Management, will become head of Australia for LaSalle and report to Philip Ling, Asia-Pacific CEO of LaSalle. Mr. Leigh and his staff of 30 have opened an office in Brisbane for LaSalle.
TFM has four funds, which will be rebranded with the LaSalle name, and A$650 million in assets under management, excluding public equity. The acquisition increases LaSalle’s Australian assets under management to about A$1.7 billion, excluding public equity. All assets under management are as of March 31.
The transaction is expected to close Aug. 1.