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-      First venture of its kind to solely focus on whole loan development finance for London residential and UK student housing sectors

-      £238m vehicle capable of funding experienced developers on projects worth more than £400m, with envisaged follow-on capital following successful deployment of the first tranche

-      Follow-on to LaSalle Special Situations UK Real Estate Fund I and LaSalle Junior Loan Programme

-      Joint venture between LaSalle Investment Management and APG

 

LaSalle Investment Management (“LaSalle”) today announces the final close of LaSalle Residential Finance I (“LRF I”). The £238m vehicle aims to provide developers with senior ranking whole loan financing for residential projects in London and student housing development schemes in major university towns across the UK. LRF I offers APG access to a niche targeted market opportunity and the expertise and knowledge of LaSalle’s established UK property and European debt platform. The success of this venture could lead to a follow-on commitment, further increasing much needed debt investment in the UK property market.

 

Michael Zerda, manager of LRF I and European Director of Debt Investments and Special Situations said: “LaSalle Residential Finance I is the only vehicle of its size in the market today offering developers whole loan construction finance on student housing and residential development in the UK. With the traditional banking market still dealing with regulatory pressures and balance sheet pressures, this allows us to fill a clear gap in the financing market.” 

“We offer loans between £15-60 million, typically up to circa 75% loan to cost, and expect to announce our first deal shortly.  We have had high levels of interest from a wide variety of developers looking for non-bank sources of capital and expect this trend to continue in the medium term.  We aim to make between five to seven loans in the next six months and view this as the first tranche of a long term and larger scale strategy.”

 

Roland Mangelmans, senior portfolio manager of APG Asset Management said: “The London residential development market and UK student housing market is characterized by an imbalance between supply and demand from a debt perspective. Simultaneously from an equity point of view APG  perceives these markets as attractive, with sound fundamentals. This real estate debt strategy contributes to APG’s overall real estate debt portfolio and provides further diversification.”

 

Amy Aznar, head of Debt Investments and Special Situations said: “LRF is highly complementary to our existing debt strategies and enables LaSalle to offer wide ranging debt solutions to borrowers spanning acquisition finance, refinance, recapitalization, and development/redevelopment.” 

 

LaSalle’s European debt platform provides tailor-made solutions covering a wide range of situations, which includes stretched senior and mezzanine finance, capital expenditure funding, loan acquisition funding and preferred equity investments. Typically, LaSalle targets single loan amounts of £10 million to over £100 million and can lend on a wide variety of real estate, including investments, corporates, and development projects. Since its establishment, the Debt Investments team has closed numerous investments, with over $500 million invested to date.

Article Date: 5/17/2013

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Page Brief: LaSalle Investment Management (“LaSalle”) today announces the final close of LaSalle Residential Finance I (“LRF I”).

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LaSalle Investment Management ("LaSalle"), a leading global real estate investment manager, this week launched LaSalle Canadian Income & Growth Fund IV (the "Fund"), available to institutional investors.　

The new investment vehicle will offer investors the expertise and knowledge of LaSalle’s established property platform, as well as access to Canada’s flagship opportunistic fund series which has provided stable income and strong capital appreciation to its investors.　 The new Fund will invest in properties across the office, retail and warehouse market segments, investing in non-core properties with stable income and upside potential.　 Investment activity will focus on Canada’s top six metro areas: Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal.

Canada has the world’s top ranked banking sector according to the World Economic Forum and the lowest government net debt among the G7 countries according to the IMF, limiting exposure to potential future financial crises. 　These factors, along with healthy and balanced real estate market fundamentals have helped and will continue to help Canada’s markets avoid sharp pricing volatility.　 LaSalle forecasts that the Canadian economy will experience improved growth in the 2014-2017 timeframe, allowing the fund to capitalize on properties with solid income growth and capital appreciation potential during the life of the fund.

The Canadian Income and Growth series operates under the management of Fund President and Canadian Managing Director Zelick Altman. CIG I launched in 2003 with CIG II following in 2005 and CIG III in 2009. CIG IV is targeting $250 million in equity, with the first close estimated for June 2013. 　

Zelick Altman, Managing Director and Canada CEO for LaSalle said: "The launch of our fourth Canadian income and growth fund demonstrates LaSalle’s continued commitment to, and confidence in, the Canadian real estate market.　 We’ve seen the Canadian economy strengthen following the economic downturn, with solid real estate fundamentals limiting downside exposure.　 Canada’s real estate market is active and robust, with financing widely and readily available."

Article Date: 5/15/2013

Page Brief: LaSalle Investment Management ("LaSalle"), a leading global real estate investment manager, this week launched LaSalle Canadian Income & Growth Fund IV (the "Fund"), available to institutional investors.　

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LaSalle Investment Management has sold a portfolio of three German retail parks to pension funds "Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG" and "Höchster Pensionskasse VVaG" on behalf of its Income and Growth Fund (the LaSalle German Income and Growth Fund).

The properties, which are located in Berlin and the Bavarian cities of Eching and Oberau, have a total floor space of c 9.000 m² and are let to several retail chains including anchor tenants like EDEKA and REWE.

Colliers International in Munich acted as broker in the transaction.

The LaSalle Income and Growth Fund is a closed property fund with a total volume of around €1 billion investing in German commercial properties.

Article Date: 5/10/2013

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Page Brief: LaSalle Investment Management has sold a portfolio of three German retail parks to pension funds “Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG” and “Höchster Pensionskasse VVaG” on behalf of its Income and Growth Fund

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