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LONDON-LaSalle Investment Management has launched a new pan-European investment fund, following on from the success of its Euro Five fund launched in 1999. The new LaSalle Euro Growth II fund aims to raise €500 million ($460 million) to be invested primarily in France, Germany, Italy, Spain, the Netherlands and Belgium.

The managers say they will be adopting a moderate risk, income and growth strategy. Despite short-term uncertainty LIM has identified a number of favourable trends in the European market including the growing desire of corporations to sell non-core real estate assets; a continued shortage of modern and efficient office, warehouse and retail space; growing cross-border investment within Europe and historically low vacancy rates.

To handle the expected increase in business, LIM has taken on two more senior fund managers. Simon Marrison, former head of Rodamco France, will head the continental team based in Paris. And David Ironside, former Director of Acquisitions for REAL IS, will lead LIM’s acquisition team responsible for Germany, Central Europe and Benelux region based in Munich.

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