LaSalle, the EUR 30 bn global real estate investment manager arm of the Jones Lang LaSalle group, announced on Friday that it has entered into a definite agreement to acquire Trinity Funds Management (TFM) in Australia for almost EUR 7 mln. Brisbane-based TFM operates four funds and has about EUR 490 mln of assets under management.

The acquisition will increase LaSalle's Australian AUM, excluding public equity, to EUR 1.3 bn. LaSalle's overall Asia-Pacific AUM, excluding public equity, will rise to almost EUR 6.4 bn.

TFM's funds will be rebranded with the LaSalle name. The Australian firm's AUD 580 mln (EUR 437 mln) open-end diversified core-plus flagship fund Trinity Property Trust will be renamed LaSalle Australia Core-Plus Fund. As part of the transaction LaSalle's parent company, Jones Lang LaSalle, will acquire a 6.2% co-investment stake in this fund from entities associated with the sellers.

LaSalle's acquisition of TFM is expected to close on or around 1 August 2011.

Through the acquisition, LaSalle will integrate TFM's 30 staff into its new Brisbane office, increasing LaSalle's team in Australia to 40. Brisbane becomes LaSalle's third office in the country after Melbourne and Sydney.

TFM's CEO, Steve Leigh, will become head of Australia for LaSalle and report to Philip Ling, LaSalle's Asia-Pacific CEO.