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LaSalle Investment Management Kicks Off Eighth Fund, Seeks $1B For U.S. Value-Add Assets

LaSalle Investment Management has kicked off its latest fund for American real estate.

Post Office Square
Rendering of the new Post Office Square entrance at 110 High St.

LaSalle, the asset management arm of JLL, announced LaSalle Income & Growth Fund VIII, seeking $1B for the acquisition of value-add investments, Bloomberg reports. Its previous domestic fund, LaSalle Income & Growth Fund VII, closed last year after raising $510M — 80% of which has already been invested.

LaSalle is among the most prolific fundraisers across the world, with a European debt fund that raised £804M last year, an Asian investment fund that has so far raised over $1.1B and a Canadian fund that launched late last year with a projected $582M for acquiring assets in core markets. Overall, the company manages over $60B of assets for clients worldwide, according to Bloomberg.

LaSalle's value-add strategies have taken many forms, from ambitious redesigns like 50 Post Office Square in Boston to the management of new and well-performing assets like a Restoration Hardware in Atlanta's Buckhead neighborhood — acquired in 2017 by Income & Growth Fund VII. In August, the company named Brad Gries as head of U.S. acquisitions.

With its eighth domestic value-add fund, LaSalle seeks to obtain returns of 10% to 15% after fees.