(Recasts, adds details)
TOKYO Nov 8 Global real estate investment firm
LaSalle Investment Management said it will buy a 32.8 percent
stake in a Japanese real estate investment trust (REIT) for
$133 million as it seeks to expand in Asia's largest REIT
LaSalle, a member of the Jones Lang LaSalle group (JLL.N),
also said it will buy out Asset Realty Managers, an asset
management firm of the REIT, eAsset Investment Corp 8974.T,
for an undisclosed sum.
"The move has a big meaning for LaSalle, since it gives us
an access to Japanese capital," Hirotaka Uchiyama, management
director of LaSalle Investment Management's Japan unit told a
The REIT has 22 office, commercial and residential
properties worth 64.8 billion yen. As part of the deal, it will
acquire two shopping malls from LaSalle for 57.6 billion yen.
LaSalle said it aims to expand the REIT's asset to around
300 billion yen over three to five years and focus on office
and commercial properties.
Asset Realty Managers President Masayuki Tanaka said the
tie-up with LaSalle was necessary to survive a highly
competitive property market.
"Competition for securing good and large properties has
been intensifying," he said. "By utilizing LaSalle's research
capabilities, we will target relatively new and conveniently
located office properties."
LaSalle has become the latest global real estate concern to
buy in Japan's REITs. Earlier this year, GE Real Estate, a real
estate arm of General Electric Co (GE.N), acquired a 35 percent
stake in LCP Investment Corp 8980.T.
(Reporting by Taiga Uranaka; Editing by Lincoln Feast)