LaSalle Investment Management and Quantum Global Real Estate have teamed up to plough $1bn (£630m) into global property.
The joint venture will invest in large real estate assets around the globe, with potential expansion of the capital base through additional syndicate-style arrangements. With leverage, the venture has $1bn gross of initial buying power.
The jv will target predominantly core real estate assets: quality long-term investments of more than $100m in major mature real estate markets around the world. Initial focus is expected to be on Australia, France, Germany, the UK and US.
LIM and Quantum said the jv would seek to make investments on its own and also as part of club arrangements with like-minded institutional investors.
The jv will be led by Quantum Global owner Jean-Claude Bastos de Morais and LaSalle global chief executive Jeff Jacobson, working with senior members of the Quantum Global team and Simon Marrison, head and chief investment officer of LIM’s European private equity business.
Bastos de Morais said: “We considered a number of prospective partners for this venture and LaSalle clearly demonstrated both the skills and commitment that we were looking for. This joint venture represents the optimal approach for us to commence investing in global real estate on behalf of our clients.”
Jacobson added: “This is an exciting partnership and one that illustrates LaSalle’s client-oriented culture which dictates that we find creative, and often tailored and pre-specified, opportunities to meet the needs of emerging investors such as central banks and sovereign wealth funds. The venture gives us access to capital that can be quickly deployed in large real estate assets, something which we believe to be of strategic importance in today’s real estate investment environment.”