CHICAGO—LaSalle Investment Management has been awarded a new mandate to invest $1 billion into US real estate. The funds came from a large European institutional investor, which the global real estate investment manager did not identify.

LaSalle will look to make direct real estate investments across all property types, focusing on primary and secondary markets across the US.

“We are extremely pleased to be working with a global investor of this caliber to develop a customized investment program that fits their requirements,” Jason Kern, CEO of LaSalle Americas, said in a statement announcing the mandate. “We continue to see strong interest from sophisticated investors from around the globe in more customized strategies like this one targeting the US commercial real estate market. 

“We anticipate continued economic growth and improving real estate fundamentals over the next few years,” he added, “and believe ongoing changes in demographics, technology and urbanization will provide attractive risk-adjusted investment returns across most major property types in the US.”

A spokesperson for LaSalle would not provide further comments or details.

The news comes on the heels of the firm’s recent announcement that it raised $1 billion of equity so far this year to invest in the Asia Pacific. The equity, which will allow the firm to but up to $3 billion in Asian real estate assets, includes the final close of the LaSalle Asia Opportunity Fund IV and two other separate account mandates.

LAOF IV, which had commitments of $485 million plus $100 million of co-investment capital for China logistics deals, included capital from sovereign wealth and pension funds from the Middle East, Europe and the US, including Illinois Teachers Retirement System, San Diego City Employees’ Retirement System and Arkansas Teachers Retirement System. LaSalle will look to build a diversified portfolio of assets in Australia, China, Japan and South Korea. The two separate account mandates will target value-add, income-producing assets in Japan and Australia.