LaSalle Investment Management, a leading global real estate investment manager, has announced that it sealed three transactions in the Asia Pacific region worth US$345 million in early August.
The transactions include the acquisition of Japan’s Nasu Outlet Mall by LaSalle Asian Opportunity Fund III. Developed in 2008, the property is a 111-tenant retail outlet mall located on the northern perimetre of Greater Tokyo.
La Salle also acquired 179, Elizabeth Street located in Sydney through LaSalle Asian Opportunity Fund III. The Grade-A building is a freehold stratum with a net lettable area of 14,927 sq m.
Through LaSalle Asian Opportunity Fund II, the company has sold Ibis Singapore on Bencoolen Street. Situated in the Bugis area, the hotel has 538 contemporary guest rooms, two food and beverage outlets, two retail outlets and 38 car parks.
“After two tough years following the global financial crisis, it is really exciting to have so much good news to announce within a week. We see strong growth potential in Asia Pacific where the markets are recovering much more rapidly than other parts of the world and we continue to seek more opportunities in this region,” said Ian Mackie, president of LaSalle Asia Opportunity Fund, in a press release.
Aside from these three transactions, one of the company’s units, Japan Logistics Fund II, closed on a ¥3.9 billion loan for Tokyo’s Azusa warehouse portfolio.
In addition, LaSalle also recently launched the “Terrene at Bukit Timah”, a joint venture residential development with UOL, which was fully sold in the first month of its launch.
The company focuses on the acquisition, repositioning, development and redevelopment of property assets across the region. It has capitalized on investment opportunities in Asia-Pacific markets including Australia, Japan and Singapore.