LaSalle Investment Management on Tuesday announced the final close of the LaSalle Japan Logistics Fund III at ¥40.8 billion ($410 million).
The fund will focus on investments in “modern multitenanted logistics facilities in greater Tokyo and greater Osaka,” according to a LaSalle news release. JLF III follows funds launched by LaSalle in 2004 and 2007 for warehouse development-related investments in Japan.
The news release said LaSalle worked closely with a small group of investors, led by APG — the fiduciary manager of the €292 billion ($381 billion) Stichting Pensioenfonds ABP, Heerlen, Netherlands — to “design JLF III's club-style fund.”
Michel Meijs, a New York-based spokesman for APG, said his firm isn't providing details about its investment in the fund. Yasuo Nakashima, CEO for LaSalle Investment Management, Japan, and Mark Gabbay, the Hong Kong-based co-head and chief investment officer for LaSalle Investment Management, Asia-Pacific, could not be reached for comment.
According to the news release, LaSalle — operating in Asia since 2000 —manages $5.5 billion in Asia-Pacific property assets.
