"Given Westfield's position as the premier shopping center group in the region, we are delighted to partner with them on this blue-chip investment," says LIM regional director Andrew Heithersay, whose company is securing a 50% interest in the project on behalf of its Asia Property Fund. LIM will make progressive payments during the next 18 months to fund the renovation, company officials reported. The firm's total contribution of $738 million is anticipating a property yield of 4.7% upon completion of the renovation.

Besides restaurants and a Village Cinemas theater, Westfield Doncaster will also feature a café court and entertainment district. According to Heithersay, the region has "strong growth prospects" due to favorable demographics and income levels. Melbourne is the capital of Victoria, a state in southeastern Australia whose population now exceeds five million people.

Prior to the agreement with LaSalle, the Westfield Group had been moving the renovation project along, and will continue overseeing design and construction. Westfield Group managing director Steven Lowy predicts the result will prove to be a "landmark destination" for consumers, and will also serve as the flagship retail property for his company. The joint venture entity created with LaSalle also announced that Westfield will serve as leasing and property manager of Westfield Doncaster. Based in Sydney, the Westfield Group has interests in 119 shopping centers in four countries for a total investment value of nearly $50 billion.

LIM is also active in cross-border CRE, presently sporting a global portfolio valued at more than $44 billion, mostly raised from top corporate and institutional investors. About $5.7 billion of that is invested in the Asian Pacific region, a market LIM has been focused on since 2000. The open-ended Asia Property Fund is sponsored by LaSalle and Prudential UK, and is targeting gross assets approaching $5 billion in value. LIM is affiliated with Jones Lang LaSalle, but operates independently from its Chicago headquarters.