TORONTO-LaSalle Investment Management has concluded fundraising for its Canadian Income and Growth II Fund. The fund has attracted CA$309.5 million ($271.7 million), giving it CA$774 million ($679.6 million) to spend.
The value-added fund invests in office, industrial, retail and multifamily properties throughout Canada. The strategy, spelled out in a recent statement, is to "Emphasize properties with sound fundamentals that will produce strong income and that can benefit from aggressive asset and property management and strategic redevelopment." Investors in the fund include a number of large and small corporate and public funds, a number of endowments from Canadian universities, a private investment company and one high net-worth individual.
"For many global institutional investors, Canadian real estate still makes a lot of sense," says Zelick Altman, president of the fund. "The Canadian economy is healthy, and real estate fundamentals remain very attractive. I'm confident that we will be very effective in this market environment," through its value-added strategy.
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