U.S. real estate investment firm LaSalle Investment Management Inc. has launched a Canadian real estate fund.
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The LaSalle Canada Property Fund, which will be an open-ended real estate fund that targets core properties in major cities across Canada, is the first of its kind for the company.
Canada offers the potential for long-term returns that are on par with major markets in the U.K., U.S. and Australia. The country is often viewed as more stable because of its long-standing policy of open borders as well as its steady financial and legal system, Bloomberg reports. The Canadian dollar is also low right now, making it a prime time for investment firms such as LaSalle to enter the marketplace.
Chicago-based LaSalle plans to seed the portfolio with an estimated $582M in assets, which will be phased in over the next three to six years. This is meant to provide investors with a diverse and mature portfolio that incorporates assets in the office, industrial and multifamily categories.
"The creation of LaSalle Canada Property Fund advances our strategy to offer our global investor base access to a best-in-class suite of products targeting a diverse range of real estate investments. Canada’s large, transparent real estate market is one we know very well, providing us with a sustainable competitive advantage as we invest into core assets,” LaSalle Americas CEO Jason Kern said in a statement.
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