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Real Estate

LaSalle closes latest Asia opportunity real estate fund at $1.15 billion

LaSalle Investment Management closed the LaSalle Asia Opportunity Fund V, a closed-end, Pan-Asian opportunistic real estate fund, at $1.15 billion, a spokesman said.

The total exceeds the fund's $750 million target. The fund seeks to take "advantage of mispriced assets with opportunities to add value via repositioning and redevelopment in target markets including Australia, China, Hong Kong, Japan, Korea and Singapore," a LaSalle news release said. The previous fund, LaSalle Asia Opportunity Fund IV, closed at $485 million in 2013.

Of the total $1.15 billion raised, 15% is targeted for co-investments, the news release said.

Investors include the $222.5 billion California State Teachers' Retirement System, West Sacramento, the $14.3 billion Los Angeles Water & Power Employees' Retirement Plan and the $2.4 billion Utah School & Institutional Trust Fund, Salt Lake City.

LaSalle Investment Management has a total of $59 billion in worldwide assets under management.