LaSalle Investment Management has announced a joint venture agreement with the Italian listed logistics group Realty Vailog to acquire and develop logistics facilities in the Greater Shanghai Region on behalf of LaSalle Asia Opportunity Fund III.
LaSalle Investment Management has announced a joint venture agreement with the Italian listed logistics group Realty Vailog to acquire and develop logistics facilities in the Greater Shanghai Region on behalf of LaSalle Asia Opportunity Fund III.
The joint venture has been seeded with four properties that were purchased from various sellers for approximately $112mln. The 320,000 m2 portfolio comprises a build-to-suit development and three speculative developments all located within key Shanghai logistics corridors.
On completion of this deal, the LaSalle - Vailog joint venture will have one of the largest international logistics portfolios in Shanghai, LaSalle said in a statement.
Trent Iliffe, regional director, LaSalle Investment Management, added: 'LaSalle has a successful history of partnering with Vailog through our pan-European open ended fund Encore+, and we’re confident in our continued abilities to realize synergies to establish a long term partnership focused on logistics in China.'