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LaSalle Investment Management to roll out its largest Canadian real estate fund

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LaSalle Investment Management to roll out its largest Canadian real estate fund

LaSalle Investment Management Inc. is setting up its largest real estate fund in Canada, which it will seed with an asset portfolio of roughly C$750 million within the next three to six years, Bloomberg Markets reported.

The new fund will be LaSalle's first Canadian open-ended fund and is likely to run into the billions. It will target investments in offices and storage facilities, according to the news outlet.

"The immediate visceral reaction is there's a great point of entry because the Canadian dollar is low," and volatility is lower, but the market has the same potential for long-term returns as other markets in the U.S., U.K. and Australia, LaSalle Canada CEO John McKinlay said in an interview with Bloomberg.

Manulife Financial Corp.-backed Conundrum Capital Corp. is also expected to follow suit with a new fund focused on Toronto apartment buildings, slated to launch in the first quarter of 2018 with a fundraising target of up to C$500 million, according to the report.