LaSalle Investment Management secures $370M in initial commitments for global decarbonization fund from CalSTRS and Development Bank of Japan

LaSalle Investment Management has raised an initial $370 million in capital for its new global decarbonization fund, the LaSalle Property Planet Protection Fund (Lp3F), including sidecar commitments. These initial commitments were secured from leading global institutional investors, including the Development Bank of Japan (DBJ), the California State Teachers’ Retirement System (CalSTRS), clients of a leading wealth management firm, a large international pension plan, and LaSalle and JLL. The fund aims to accelerate the delivery of decarbonized solutions for commercial real estate globally, targeting properties in need of capital expenditures to improve energy use intensity (EUI) and deliver measurable carbon reductions. Lp3F will adopt a retrofit-led "brown-to-green" approach, including deep retrofits of vacant buildings and light retrofits with tenants in place, with a smaller portion for ground-up "build-to-green" new developments. The fund targets double-digit value-add returns and an EUI reduction of more than 30 percent, leveraging LaSalle's global real estate platform and JLL's expertise in energy, sustainability, and property management services.

Counterparts (4)

Lender

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Development Bank of Japan (DBJ)

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California State Teachers’ Retirement System (CalSTRS)

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CalSTRS, the California State Teachers’ Retirement System, is the largest educator-only public pension fund in the world, providing retirement, disability, and survivor benefits to over 1 million California public school educators. It operates as a global financial services institution and state agency, emphasizing sustainable investing and stewardship.

JLL

company · 1 deals

JLL is a global commercial real estate and property investment firm. They offer services including capital markets, leasing, and strategy and design.

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LaSalle Investment Management

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