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LaSalle loses management of A$600M fund to QIC

Queensland Investment Corp. won the management of the A$600 million LaSalle Australia Core Plus Fund, after unit holders in the unlisted wholesale property fund voted to oust LaSalle Investment Management as their manager, The Australian reported.

It is understood that new manager QIC Global Real Estate will not significantly change the fund, the publication said Oct. 12.

The fund holds diversified assets, including the 555 Lonsdale St. office building in Melbourne and shopping mall Big Top Market Fresh in Queensland, according to its website. It counts around 20 super funds, including Sunsuper and AustralianSuper, as investors, according to The Australian.

As of Oct. 11, US$1 was equivalent to A$1.32.