London (January 9, 2025) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announces that it has provided a £68.7 million green loan to Vita Group to finance the delivery of a new 540-bed purpose-built student accommodation (PBSA) scheme in central Birmingham.
Located on Gough Street in Birmingham city centre, the asset will benefit from excellent rail, bus and tram links. The scheme will help address the undersupply of specialist accommodation in the UK’s second largest student market, with five universities and c.80,000 students based in the Birmingham Metropolitan Area. Planning permission was secured and construction work, led by MRP, commenced in 2023, with completion set for August 2026.
The 105,000-sq-ft scheme will comprise two tower blocks, of 10 and 29 stories respectively, with amenities including private dining rooms, a vibrant hub space for socialising and studying, a state-of-the-art gym, an outdoor basketball court, outdoor terraces and shared cycle storage. The building is designed to be highly sustainable, targeting BREAAM ‘Excellent’ certification, with LaSalle’s green loan structured under the Loan Market Association’s green loan framework.
David White, Head of LaSalle Real Estate Debt Strategies, said: “This latest development loan completed by our Debt Investments platform maintains our strong pace of deployment, positioning our business as one of the most active real estate debt providers in Europe. In Vita Group and MRP, we are working with two firms with best-in-class reputations for providing high-calibre, well-amenitized student accommodation and for successfully delivering large-scale PBSA schemes. Our investment in the Gough Street development provides our investors with exposure to a high-quality asset, supported by the strong fundamentals of Birmingham’s structurally undersupplied student market.”
Max Bielby, Chief Operating Officer for Vita Group, added: “We’re delighted to be working with trusted partner LaSalle to deliver this best-in-class student accommodation to the heart of Birmingham. The delivery of this building is well underway and will raise the standards of what students should and can expect from their accommodation experience in the city centre. We look forward to welcoming students from September 2026.”
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About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$88.2 billion of assets in private and public real estate equity and debt investments as of Q3 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
About LaSalle Debt Investments
LaSalle Debt Investments is part of LaSalle’s growing US$10 billion Debt and Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit solutions – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.
London (November 5, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announces that it has provided a loan facility of £123 million through its flagship real estate debt fund, LREDS IV, to finance the acquisition of two UK holiday parks on behalf of One Investment Management (“OneIM”), a global alternative investment manager, and Foundation Partners, an independent private equity firm.
Located across the UK in Somerset (Unity Farm) and Yorkshire (Skirlington), the holiday parks benefit from proximity to the coast, lakes and local amenities, and collectively comprise around 4,300 pitches with about half of those currently operational.
The sites represent some of the largest UK holiday park assets that are not currently held in institutional portfolios. OneIM and Foundation Partners’ investment will help the two sites expand their number of pitches, develop new holiday homes for prospective visitors, grow the onsite offering and professionalise local operations. Underpinned by strong fundamentals and significant growth potential, the two large-scale parks represent the first seed assets as part of a targeted £500 million platform called Unity Holidays, which OneIM and Foundation Partners intend to grow.
Nathan Jackson, Director, LaSalle Debt Investments, said: “We are pleased to have supported best-in-class sponsors in OneIM and Foundation Partners to secure these high-quality assets in the UK leisure market. The breadth and depth of expertise in the LaSalle Debt Investments platform has ensured that we’re able to deliver a bespoke financing solution to clients and capitalise on attractive opportunities for our investors. We very much look forward to continuing to support OneIM and the future growth of their platform.”
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About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
About LaSalle Debt Investments
LaSalle Debt Investments is part of LaSalle’s growing US$ 10 billion Debt and Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit solutions – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.
About OneIM
OneIM is a global alternative investment manager that invests across the capital structure, in a range of asset classes, industries and geographies. The firm applies a flexible investment approach driven by fundamental analysis, focusing on credit special situations and capital dislocations. OneIM seeks to provide tailored capital solutions built on proprietary sourcing and underwriting complexity. OneIM is sector agnostic and targets complex situations that do not fit into a single asset class, where truly bespoke structured investments can offer superior risk-reward dynamics and asymmetrical outcomes. The firm was founded in 2022 and currently manages approximately $7 billion in assets. The team operates from offices in Abu Dhabi, London, Tokyo and New York.
London (June 4, 2024) – LaSalle Investment Management, the global real estate investment manager, has provided a loan facility of €150 million through its flagship real estate debt fund, LREDS IV, to refinance a portfolio of 17 big-box logistics assets across Europe owned by Brookfield through its private real estate funds.
Brookfield has partnered with leading development managers Panattoni and Logistik Service to source opportunities, develop and lease the projects. The portfolio includes 17 projects across Sweden, Spain, Germany and Poland, split between six completed projects (five of which are fully let), four in development and seven consented plots. It focuses on grade-A high-specification logistics assets with a typical BREEAM rating of Very Good or Excellent.
David White, Head of LaSalle Real Estate Debt Strategies, said: “Working with a best-in-class sponsor in Brookfield and two top-tier development managers in Panattoni and Logistik Service means our facility is secured against some of the highest-quality assets and projects available in the European logistics market. Our team works to provide bespoke solutions to our borrower’s needs, and we are pleased to support such a high-quality logistics portfolio.”
Rohit Srivastava, Managing Director in Brookfield’s Real Estate Group, added: “We are pleased to work with LaSalle to complete this refinancing, which will support the continued growth of our portfolio of big-box logistics assets. The team were able to provide a bespoke financing package that addressed our requirements.”
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About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages almost US $87 billion of assets in private and public real estate equity and debt investments as of Q1 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com, and LinkedIn.
About LaSalle Debt Investments
LaSalle Debt Investments is part of LaSalle’s growing $US 10 billion Debt and Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit solutions – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.
Marketing Disclaimer: This information is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for information purposes only and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results. Please refer to the offering documents Encore+ for detailed information on the risks, reward and performance information of the Fund.
London (November 7, 2023) – Related Argent and joint venture partner Invesco Real Estate have appointed the main contractor and secured the debt finance for the development of Brent Cross Town’s second Build-to-Rent (BtR) building, enabling construction of 286 new homes. Galliford Try will deliver the homes and over 17,000 square feet of amenity and retail space, while the £97 million debt financing is provided by LaSalle Investment Management, further building on the significant momentum at the £8 billion net zero park town in London.
The debt financing takes the form of a Green Loan, lending dedicated to sustainable projects, which is linked to the strong environmental credentials of the building. The building is designed to be supplied with very low carbon heating and cooling from the development’s electric district heating and cooling network, which is being delivered in partnership with Vattenfall. In addition, the building aims to deliver a measurable net gain in biodiversity and to minimise construction waste and embodied carbon through efficient off-site manufacturing. LaSalle Debt Investments’ green loan structures are compliant with the Loan Market Association’s green loan framework. The overall Brent Cross Town development is committed to reaching net zero by 2030.
The announcement demonstrates the significant progress being made at Brent Cross Town. Six buildings are now underway, the first of which will be completed from the end of 2024. In total, over 930 homes, including affordable, market sale and BtR homes are on-site along with 662 student rooms in partnership with Fusion Students. Sheffield Hallam University will open its first satellite campus outside of Yorkshire at Brent Cross Town, and a joint venture between Audley Group and Senior Living Investment Partners (Octopus Real Estate and Pension Investment Corporation) will create a retirement village with around 150 homes.
Brent Cross Town is being delivered in partnership between Related Argent and Barnet Council and will create a total of 6,700 new homes, 3 million square feet of offices, a high street and schools surrounded by 50 acres of parks and playing fields including the new 4.5-acre Claremont Park which was completed last year. The new town will benefit from Brent Cross West station, which will be the first major new mainline station in London in more than a decade when it opens later this year, connecting with King’s Cross St Pancras in as little as 12 minutes.
The new contractor appointment and financing is part of the joint venture between Related Argent and Invesco Real Estate, the global real estate investment manager, formed at the end of 2022 to deliver £600 million of Gross Development Value, including over 800 homes as well as retail by 2025.
Galliford Try, one of the UK’s leading construction groups, is already delivering the first BtR building at Brent Cross Town. Its appointment by the Related Argent and Invesco Real Estate joint venture to deliver the second BtR building comprising 286 homes, a mix of market and discount market rent homes, will bring the total number of BtR homes under construction at Brent Cross Town to 535.
All will be developed and managed by Related Argent, which has just opened a brand-new premium rental development, Author King’s Cross on the King’s Cross estate. Related Argent’s BtR portfolio draws on the established record of Related Companies, which has over 71,000 homes across the United States. Known for its outstanding customer service, Related Companies has decades of proven experience in the sector.
The 286 new homes are designed by Allies & Morrison, with interiors by Conran and Partners, and range from studio to three-bedroom apartments, with block amenities shared with the first BtR building at Brent Cross Town, including a large central lobby with 24-hour concierge, wellness hub, including a gym, fitness studios, 25 meter pool and sauna, work from home spaces, private dining spaces, roof top terraces, podium gardens, guest suites and a cinema.
Tom Goodall, Managing Director of Related Argent, said: “There is strong momentum behind our BtR portfolio with our first rental homes now completed at Author King’s Cross and over 1,000 BtR homes under construction. Our joint venture with Invesco Real Estate at Brent Cross Town and the financing from LaSalle Investment Management is helping meet an increasing gap in the market and addressing the city’s growing demand for high-quality rental properties in vibrant places.”
John German, Managing Director, Residential Investments at Invesco Real Estate, said: “When Invesco and Related Argent closed our Joint Venture in October 2022, we only had one build contract and one loan in place. 12 months later, we now have secured all four build contracts and the necessary loan facilities to enable the project to move forward as we had planned. We are delighted that the Project Team achieved this key milestone which now allows the project to move forward into the delivery stage to enable these assets to be delivered into our investor’s existing BtR Portfolio of just under 1,100 units.”
Robert Fay, Director, Debt Investments at LaSalle Investment Management added: “We are very pleased to work with Related Argent and Invesco Real Estate to provide the debt financing for this project, which brings together market leaders in urban regeneration and best-in-class accommodation in a great location with strong transport links to Central London. The living sector is one of LaSalle’s highest convictions across our European lending and equity strategies. This financing is LaSalle’s 26th development loan made since 2012 and builds on our development lending track record, providing flexible, sustainable loans to high-quality sponsors.”
Bill Hocking, Chief Executive of Galliford Try, said: “We are delighted to be working once again with Related Argent on one of the most significant Build to Rent schemes in London. Our business has a strong track record in producing high-quality residential developments with the sector remaining a key focus for our Building business within our Sustainable Growth Strategy.”
Councillor Ross Houston, Deputy Leader of Barnet Council and Cabinet Member for Homes and Regeneration, said: “Barnet’s new park town has been carefully designed to meet the needs of our residents now and in the future with a range of options including social housing, private sale homes, student accommodation and homes built to rent. I welcome the progress being made on Brent Cross Town’s first new homes that are being built specifically with Barnet renters in mind.”
The BtR offering at Brent Cross Town forms a major part of Related Argent’s portfolio of over 3,000 rental homes alongside King’s Cross and Tottenham Hale. The first residents moved into its first BtR development, Author King’s Cross, in October 2023. Related Argent has plans to expand its rental portfolio beyond the 3,000 homes.
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About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $78 billion of assets in private and public real estate property and debt investments as of Q1 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com, and LinkedIn.
About LaSalle Debt Investments
LaSalle Debt Investments is part of LaSalle’s growing $10bn Debt & Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit products – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.
About Related Argent
In 2015, Argent and Related joined forces to create an unrivalled UK property business and urban regeneration specialist. The company brings together the expertise and track record of Argent – the developer behind some of Britain’s most successful mixed-use places, and Related – one of the most innovative and prolific real estate companies in the US. The combined experience delivering ground-breaking projects such as King’s Cross in London, Hudson Yards and Deutsche Bank Center in New York, Brindleyplace in Birmingham, The Square in West Palm Beach, Florida and The Grand LA in Los Angeles is brought to bear on each of the projects.
Related Argent operates across a range of property sectors including residential, workspace, education, shopping, hospitality and leisure. Its work goes beyond bricks and mortar development. It also specialises in the services, facilities and experiences that are so important to urban life – art, culture, events, schools, skills & training programmes and renewable energy networks.
Related Argent is one of the UK’s leading developer-owner-operators and, since its inception eight years ago, has rapidly grown a £9Bn+, 12m sq ft mixed-use development pipeline. This includes major regeneration projects in London, at Brent Cross Town and Tottenham Hale, as well as a Build-to-Rent (BtR) scheme at King’s Cross, known as ‘Author King’s Cross’. It’s accessing global capital markets to deliver major new projects across the UK and is seeking to expand its BtR housing portfolio. On 1 May 2024, Argent will transfer all employees, projects and assets to Related Argent Limited.
Related Argent’s vision is to be a great city builder – for people, planet, and prosperity and its purpose is to improve urban life for all, everyday. This means developing for the long term – astutely, sustainably and with a sense of social purpose. Related Argent is delivering the places, homes, workspace, public space, arts, culture, events and services that our UK cities and town centres need. www.argentllp.co.uk
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with USD 91.1 billion in real estate assets under management, 586 employees and 21 regional offices across the U.S., Europe and Asia. Invesco Real Estate has a 40-year investment history and has been actively investing across the risk-return spectrum, from core to opportunistic, in equity and debt real estate strategies, and in direct and listed real estate for its c.500 institutional client relationships during this time. In Europe, Invesco Real Estate has eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and 191 employees. It manages 200 assets across 14 European countries and with assets under management of USD 18 billion. Source: Invesco Real Estate as at 31 March 2023.
About Galliford Try
Galliford Try is a trading name of Galliford Try Holdings plc, a leading UK construction group listed on the London Stock Exchange. Operating as Galliford Try and Morrison Construction, the group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK.
About Brent Cross Town
Brent Cross Town is the neighbourhood at the heart of the Brent Cross Cricklewood regeneration programme. It is a joint venture between Related Argent and Barnet Council to develop a large-scale mixed-use development including new homes, retail and office space, as well as improved schools and greenspaces in the area. Early work started on site in early 2020 and construction is also underway on the new Brent Cross West station which is due to open later this year. Building on the strengths of this diverse part of the city, Brent Cross Town will draw inspiration from the best of London’s long-established neighbourhoods with all their complexity and character.
At its heart, will be a focus on sport, play, health and well-being. The new neighbourhood will provide 6,700 homes, state-of-the-art workspace for over 25,000 people, and pedestrian friendly streets and squares with local shops and restaurants that will complement the offer at Brent Cross Shopping Centre. The community will be supported by first-class public transport infrastructure, a new and improved network of walking and cycle routes and a series of new parks and other amenities. www.brentcrosstown.co.uk @brentcrosstown
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
London (10 May 2023) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces the provision of a fixed-rate green loan facility of £130m to finance Greystar’s acquisition and development of a 770-bed student housing asset in Wembley Park, London.
The loan was provided through LaSalle Debt Investments – one of Europe’s leading alternative real estate lending platforms, established in 2010.
The project is situated within the highly sought-after Wembley regeneration area, an established neighbourhood benefiting from diverse local amenities and facilities. The project benefits from excellent transportation links and is a five-minute walk to Wembley Park station, providing easy access to Central London. It is also well connected to a range of London’s leading universities, such as King’s College London and the London School of Economics.
The green loan will partially fund the construction of the 770-bed asset which is scheduled to complete in the summer of 2025. The development will comprise 20 storeys with 12,000 sq ft of amenities, including a co-working space, external courtyards and gardens, a gym and bike storage. The development has been designed with state-of-the-art sustainability credentials in mind, aiming to achieve a BREEAM rating of “Excellent” and targeting a ‘Two Star’ Fitwell accreditation.
LaSalle Debt Investments credit strategies include senior loans, whole loans, mezzanine, and development finance. It forms part of LaSalle’s pan-European Debt & Value-Add Strategies platform, which provides debt and equity capital solutions across European markets and sectors.
Ben Mowbray, Senior Director – Investment, Greystar, said: “LaSalle’s green loan facility will help us deliver a substantial, but most importantly sustainable student accommodation asset in Wembley. We are committed to ensuring our assets provide a home away from home for students in a time of unprecedented demand without compromising the environment.”
Robert Fay, Director, Debt Investments, LaSalle, said: “We look forward to helping Greystar deliver a best-in-class student product with strong sustainability credentials. This loan represents LaSalle’s fourteenth loan facility secured against student accommodation, a sector we have strong conviction in across our wider European business.”
Fiammetta Granchi, Vice President, Debt Investments, LaSalle, added: “This facility with Greystar is fixed rate and does not require syndication, providing enhanced stability to the borrower. The loan was structured as a green loan, compliant with the Loan Market Association’s green loan framework and Green Loan Principles. As the drive towards superior environmental performance accelerates, we are committed to supporting our borrowers to deliver high-quality, sustainable accommodation.”
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $79 billion of assets in private and public real estate property and debt investments as of Q3 2022. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com, and LinkedIn.
About LaSalle Debt Investments
LaSalle Debt Investments is part of LaSalle’s growing $10bn Debt & Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit products – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $250 billion of real estate in 234 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 817,000 units/beds globally, and has a robust institutional investment management platform comprised of more than $69 billion of assets under management, including over $29 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LONDON (11 April 2023) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces that LaSalle Debt Investments, one of Europe’s largest alternative real estate lending platforms, has expanded its senior-secured debt strategies to include a dedicated sustainable lending focus. In the last year, the platform has provided over €350 million of green loans across Europe.
LaSalle Debt Investments has grown its capacity to support borrowers in retrofitting existing assets to improve their energy performance and fund the construction of the next generation of energy-efficient buildings across the UK and continental Europe.
Recent green loan activity includes a £148m senior facility to support the construction of a PBSA scheme in central London, a £115m development facility to support a multi-asset regional UK PBSA portfolio, and a €40m mezzanine facility to support the retrofit of a Berlin office asset.
LaSalle was recently recognised as ‘ESG Firm of the Year’ in the 2022 PERE Awards, acknowledging the combination of strategic hires, initiatives and deals that embed sustainability as a critical pillar of the firm’s long-term corporate strategy and overall investment philosophy.
Richard Craddock, Managing Director, leading LaSalle’s senior-secured debt strategies, said: “As the drive towards Net Zero Carbon accelerates, we continue to support our European borrowers to deliver high-quality, sustainable accommodation across sectors. Demand for loans to finance green refurbishments and the construction of energy-efficient developments will likely increase as the need to decarbonise gathers further momentum. By adding a dedicated green loan focus to our existing senior-secured strategies, LaSalle is able to provide a crucial source of capital to help reduce European real estate’s carbon footprint.”
LaSalle’s green loan structures are compliant with the Loan Market Association’s green loan framework.
LaSalle Debt Investments has over €1.5bn lending capacity in Europe across its credit strategies, which include senior loans, whole loans, mezzanine, and development finance. It forms part of LaSalle’s pan-European Debt & Value-Add Strategies division, which provides debt and equity capital solutions across European markets and sectors.
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $79 billion of assets in private and public real estate property and debt investments as of Q3 2022. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
About LaSalle Debt Investments
LaSalle Debt Investments is part of LaSalle’s growing $10bn Debt & Value-Add Strategies platform in Europe and invests in a diverse range of real estate credit products – spanning senior loans, whole loans, mezzanine, development finance, corporate finance, NAV facilities and preferred equity – with significant experience across various sectors, geographies, deal sizes and capital structures. Since launching the business line in 2010, LaSalle has been one of Europe’s most active alternative real estate debt providers with a long track record of lending to best-in-class sponsors.
LaSalle Investment Management (“LaSalle”) has appointed Rosanna Phillips as Managing Director in its Debt Investments team and Kevin Kong as Director of Acquisitions for Value-Add Investments, adding to the continued growth and expansion of LaSalle Debt & Value-Add Strategies in Europe.
Based in London, Rosanna brings extensive legal experience in commercial real estate transactions. Most recently, she was General Counsel at Intriva Capital, an investment firm focused on asset-backed special opportunities in Western Europe. In that role, she was responsible for overseeing legal matters in relation to the business including legal advice, risk evaluation, structuring and execution. Prior to that, Rosanna spent over 10 years at Linklaters, with a particular focus on European real estate finance, and was seconded to LaSalle in that role.
Kevin joins LaSalle with over 12 years of real estate investment experience. Most recently, he served in UBS Asset Management’s Multi-Managers Real Estate group as a Director, where he led coverage of non-fund investments such as JVs, co-investments and fund formations. Prior to this, Kevin spent eight years at Meyer Bergman, most recently as Senior Vice President for acquisitions, where he was responsible for value-add transactions across Europe. Kevin began his career at Citibank London within the EMEA Real Estate & Lodging team.
Michael Zerda, Head of Debt & Value-Add Strategies at LaSalle, said: “The addition of Rosanna and Kevin brings a wealth of experience and market knowledge to our growing business, and we are pleased to welcome them to LaSalle. We are excited to continue to build our European debt and value-add equity investing capabilities as we deliver value for our investors.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
London (27 April 2022) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, is launching a €500m pan-European urban hotel aggregation strategy via a strategic partnership with NUMA Group, a leading European technology-driven alternative accommodation operator.
The strategic partnership, forming part of LaSalle’s growing Value-Add Investments business line, will seek to acquire, refurbish and operate vacant or soon-to-be-vacant urban hotels, serviced and extended stay apartments, boutique hotels, as well as conversion projects from non-institutional or unbranded owners and owner-operators in Western European A-cities. Under the strategic partnership, these properties will be designed, managed, and operated by NUMA Group through its proven tech-enabled operating model.
The strategy will target properties in prime city-centre locations, providing an attractive exit solution for their current owners. A pipeline of 15 city-centre assets in the UK, Spain, Italy, and the Netherlands representing over €450m in value has already been identified.
The refurbishments are expected to take 6-18 months and will deliver rooms for short-, medium-, and long-stays, providing flexibility to optimise occupancy. LaSalle and NUMA Group will look to integrate various sustainability standards, including hybrid ventilation and water recycling strategies, which are intended to secure Excellent or Outstanding BREEAM assessments and help achieve net-zero carbon status across their portfolio by 2050.
Michael Zerda, Head of Debt & Value-Add Strategies at LaSalle, said: “This venture exemplifies the growing symbiosis between technology and real estate. We are excited to help improve the urban short stay, long stay hospitality experience alongside a strong tech partner like NUMA.”
Blake Loveless, Head of Value-Add Investments at LaSalle, said: “As Covid restrictions ease across Europe, tourism-led markets in leisure travel destinations, as well as European city centres more generally, will continue to rebound. This strategic partnership with NUMA will capitalise on this by providing a trusted, high-quality, and tech-enabled product with seamless consumer experience in markets that have fragmented hotel stocks.”
Dimitri Chandogin, President, NUMA Group, explained: “The strategic partnership further strengthens NUMA’s position as the leading tech enabled alternative accommodation provider. Our clear goal is to establish NUMA as the dominant solution provider for a completely new generation of hotels and short stay accommodations in Europe. NUMA’s strategic partnership with LaSalle is another milestone in institutionalising the alternative accommodation segment and offering a professional investment solution for the fragmented European hospitality market, especially for owner operators.”
Philipp Rohweder, Director Real Estate, NUMA Group, added: “Our partnership with LaSalle underscores our ability to offer institutional fully integrated and seamless tech-enabled hospitality solutions. We expect the hospitality sector to continue benefiting from on-going mega trends, consumer shifts, as well as the overall post-pandemic recovery. With LaSalle, we have found a partner with strong real estate experience and network across Europe with whom we will continue our successful growth story in the European hospitality sector.”
About LaSalle Investment Management | Investing today. For tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q3 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
About LaSalle Value-Add Investments
LaSalle Value-Add Investments is part of LaSalle’s growing $10bn Debt & Value-Add Strategies platform in Europe and targets higher-return real estate equity investments across Europe, with a focus on conviction investment themes and dislocation opportunities. The business line was reconstituted in 2021, building on LaSalle’s long-term track record of European special situations and value-add equity investing and complementing the established opportunistic/value-add fund series in Asia and North America.
About NUMA Group
Berlin-based NUMA Group is the leading European digital hotel operator and technology developer. The company provides disruptive design hotels for modern travelers. A trusted partner for investors, owners, and developers, NUMA uses proprietary technology-based operating solutions that largely automate operations and increase cost efficiencies and revenues. NUMA successfully operates over 2,700 units in European A-cities, including Berlin, Munich, Rome, Milan, Madrid, Barcelona, and Vienna.
LaSalle is pleased to announce the final close for its latest real estate debt fund, LaSalle Real Estate Debt Strategies IV (“LREDS IV” or “the Fund”). LREDS IV has raised €1.1 billion of capital – inclusive of side car commitments currently in closing, exceeding its target capital raise, and making it the largest fund in its flagship European debt fund series. The Fund has attracted commitments from institutional investors, both re-ups and new investors in the series from Europe, Middle East and Asia Pacific.
LREDS IV will be able to provide flexible capital solutions to institutional real estate sponsors across Europe in the form of whole loans and mezzanine debt in all major asset classes and Western European countries. The Fund will be supported by the existing Debt Investments team and two recent key senior hires: David White and Michael Zerda. Michael Zerda is rejoining from Blackstone to oversee LaSalle’s debt and value-add equity strategies in Europe.
The fundraise brings LaSalle’s gross loan origination capacity in Europe to over €4.0 billion across all of its various real estate credit products, which include senior loans, development finance, and preferred equity.
David White, Head of LREDS series at LaSalle said:” We have an exemplary team of lending professionals backed by an impressive track record and strong borrower and bank relationships across Europe. We are well equipped to offer bespoke and creative capital solutions for our borrowers across a wide array of asset classes and jurisdictions.”
Amy Klein Aznar, Executive Chair of Debt & Value-Add Strategies at LaSalle said: “We are pleased to have surpassed our €1bn target raise on LREDS IV which could not come at a better time, having recently strengthened our senior leadership team with Michael Zerda and David White. Our team is very well positioned to invest our significant dry powder across LaSalle’s various real estate credit strategies.”
Michael Zerda, Head of Debt & Value-Add Strategies at LaSalle said: “We are humbled by the support of our investors and excited for the opportunities ahead. This latest fundraise has added to the scale of LaSalle’s real estate credit business, allowing us to engage on a wider range of opportunities across Europe.”
LaSalle’s European Debt Investments platform has a long track record of lending to best-in-class sponsors and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the team has invested over €4.0 billion in 89 individual transactions with a gross value in excess of €22 billion as of September 2021.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle is pleased to announce that Michael Zerda will be rejoining the firm to head up its market-leading Debt & Special Situations platform and value-add equity strategies, spearheading higher return investment initiatives. Michael will work closely with Amy Klein Aznar, who will transition to the role of Executive Chair of Debt & Special Situations later this year.
Later in the year Michael Zerda will become the Head of Debt and Special Situations, overseeing its existing multi-strategy debt business of over 30 professionals, and spanning senior debt, mezzanine, and high yield strategies, as well as growing its special situations and value-add equity strategies. Michael brings a 20-plus year track record of equity and debt investing in European real estate. He was most recently Head of Europe for Blackstone’s Real Estate Debt Strategies (BREDS).
Amy Klein Aznar will become the Executive Chair of LaSalle’s Debt and Special Situations platform. In her new role, Amy will remain closely involved in investment strategy and decision making, client relationships and communication, and will serve on the Debt and Special Situations Investment Committee. She will also continue to meaningfully co-invest in current and future investment vehicles. Amy’s decision to move to the role of Executive Chair will reduce her day-to-day responsibilities and enable her to devote more time to her family’s business interests.
Amy and Michael worked together from 2009 to 2016 while building the Debt and Special Situations at LaSalle and have a long-term business and working relationship, spanning 17 years. The move comes at a time of significant growth for the platform and continued strong investment performance across its multiple business lines. Since inception, LaSalle’s Debt and Special Situations team has raised nearly €6bn, with the fourth fund in the flagship European real estate mezzanine series, LREDS IV, expected to hold its next closing at c.€900m and is on track to exceed its €1bn fund raise target.
Amy Klein Aznar, the incoming Executive Chair of European Debt & Special Situations at LaSalle, said, “I am thrilled that Michael is returning to the business that we started together over ten years ago. I look forward to working together again with Michael and the existing senior team and to my continuing involvement as Executive Chair of Debt and Special Situations.”
Michael Zerda, the incoming Head of European Debt & Special Situations at LaSalle said, “The growth, scope, and scale of the platform is testament to the quality of the team, its investment discipline, and Amy’s leadership since its inception over ten years ago. I am excited to work with the team to help them deploy existing capital and see terrific opportunities ahead as we grow the special situations and value-add equity strategies.”
Philip La Pierre, Head of and CIO of Europe at LaSalle, said, “We are delighted to welcome Michael back to LaSalle. He will be fully supported by his strong senior leadership team including Richard Craddock as well as the wider European LaSalle Business. The combination of this leadership, and Amy’s continued involvement in the business, is ideal to continue the exciting growth of the platform. Building out special situations and higher-return equity strategies is a natural evolution of the business and we are confident in Michael and Amy’s ability to lead that expansion through their almost two decades of working together across debt and equity.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle is pleased to announce the first close for LaSalle Real Estate Debt Strategies IV (“LREDS IV”), the fourth fund in its flagship LaSalle Real Estate Debt Strategies series (“LREDS”), with €435 million of aggregate commitments. This strong first close puts the Fund on target for achieving a capital raise of €1 billion.
The commitments, originating from both existing and new clients to the LREDS series, come from a broad range of pension funds and insurance companies across Europe and Asia.
LREDS IV’s investment strategy focuses on mezzanine debt investments secured on real estate across Western Europe with a focus on Germany, Netherlands, UK, France and Spain offering compelling risk-adjusted returns with downside protection and high cash-on-cash yields.
In addition to mezzanine debt investments, LREDS IV offers whole loans, capex and development financing solutions. LaSalle’s European Debt & Special Situations platform has been investing across both the traditional asset classes such as office, logistics and residential, as well as alternative asset classes such as student housing and self-storage.
The Debt Investments & Special Situations team has a strong track record of developing strategic relationships with best-in-class borrowers, and has significant experience across various sectors, geographies, deal sizes, and capital structures. Since 2010, the platform has committed €3.4 billion to investments across 78 individual transactions.
Amy Klein Aznar, Head of Debt & Special Situations for LaSalle Investment Management, added: “I am delighted with the launch of the latest fund in our flagship LREDS series, where we have an exceptionally strong track record over the last decade. The team has 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.”
The launch of LREDS IV is also complementary to other funds within LaSalle’s European Debt & Special Situations platform which offers wide ranging financing solutions. This includes the €900 million LaSalle Whole Loan Strategies offering whole loans across Western Europe, the €1.5 billion LaSalle Residential Finance series offering residential, student housing, hotel, and healthcare development lending, and the £225 million Special Situations Venture which invests alongside sponsors via inter alia preferred equity, joint-venture equity, higher leverage mezzanine.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, is pleased to announce that it has provided a senior loan facility to the Manhattan Loft Corporation to finance Manhattan Loft Gardens, a high-rise tower in Stratford, from the LaSalle Real Estate Debt Strategies III (“LREDS III”) fund.
Situated between the Queen Elizabeth Olympic Park and Stratford International Station, Manhattan Loft Gardens is a fully glazed, 42-floor residential tower, incorporating both residential and hotel uses and comprising three sky gardens and a level of amenities surpassing any existing residential scheme in Stratford. The property’s unique double-cantilevered structure was designed by SOM, the world-renowned high-rise architects.
The hotel, which is operated under “The Stratford” brand, is located between the ground and seventh floors and comprises of 146 rooms. The residential scheme provides 248 high-specification residential units, predominantly one- and two-bedroom flats, situated between the eighth and forty-first floors. All residents will benefit from the hotel facilities and services, including a fully equipped gym and dry spa.
Daniel Pottorff, Managing Director of Debt Investments and Special Situations at LaSalle, said: “We’re delighted to have provided a financing solution to Manhattan Loft Corporation for one of London’s most innovative and unique new-build residential towers, extending our track record of lending against quality assets with best-in-class sponsors.”
Amy Klein Aznar, Head of Debt Investments and Special Situations at LaSalle, added: “We have been large and consistent financiers in UK residential and our Manhattan Loft Gardens financing is in line with our residential debt investment strategy focused on urban growth areas near transportation nodes. Previously we have lent on projects such as the nearly-completed City North Development on Finsbury Park tube station, by Telford Homes and Business Design Group, and we have financed over £650million over the past several years in UK residential across our LREDs and LRF series. This loan represents the 15th deal completed by LREDS III since 2017 and, with transactions in documentation, will bring deployment to c.90 per cent of commitments.”
Through the LREDS III fund, LaSalle’s Debt Investments and Special Situations team invests across Western Europe lending against assets that offer compelling risk-adjusted returns across mezzanine and whole loan investment opportunities. The fund closed in late 2017 and attracted a diverse mix of investors from Europe, the Middle East, Asia and the United States.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
