21 November 2017
Reporter: Theo Andrew

LaSalle closes £800 million debt fund

LaSalle Investment Management has closed its Real Estate Debt Strategies III (LREDS III), achieving commitments of £804 million, exceeding its £750 million target.

The fund was supported globally, raising its funds from 17 limited partners across Europe, the Middle East, Asia and the US.

This brings the capital raised on LaSalle’s debt platform in 2017 to £1.1 billion, after it secured £260 million for its Residential Finance portfolio.

According to LaSalle, the fund will lend against quality assets with a “best-in-class sponsors”, in order to achieve compelling risk-adjusted returns, investing across Western Europe, with a particular focus on the UK.

It recent months, the fund has secured a £38 million, five-year mezzanine loan for the acquisition of a UK retail portfolio for BMO; a £27 million loan against a UK shopping centre; and a £24 million loan for an outlet centre in Scotland, backed by Blackstone.

In addition, the fund secured a Spanish student housing portfolio for the Global Student Accommodation.

Amy Aznar, head of debt investments and special situations at LaSalle, said: “This [the fund] enables us to provide our borrowers with wide ranging and large-scale financing solutions ranging from mezzanine to whole loans for stabilised, value add and development assets.”

“We have already completed several debt investments this year, working with strong sponsors and senior banking partners across Europe, which has reinforced our position as a leading debt provider in the market.”

Simon Marrison, CEO of Europe at LaSalle, added: “We have seen more opportunities come along as a result of banks remaining relatively cautious; as such, the team has a good pipeline of transactions and has been notably busy in the last few months with a strong pick-up in activity, with deals in France, Spain and the UK.”

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