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 (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 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 Investment Management (“LaSalle”), the global real estate investment manager, today announces the provision of a £106 million loan facility to finance the development of two retirement villages in the South of England. The development loan has been extended from the LaSalle Residential Finance (“LRF”) programme to a recently formed joint venture between Audley Group (“Audley”), the UK luxury retirement village provider, and the UK Retirement Living Fund, which is managed by Schroders Real Estate, the investment manager, and Octopus Real Estate, the UK specialist real estate lender and investor.
The facility is secured against two luxury retirement villages to be developed by the joint venture and operated by Audley in Stanbridge Earls in Romsey, Hampshire, and Sunningdale Park in Sunningdale, Berkshire. Together the two villages will comprise over 250 for-sale residential units for over-65s and high-quality amenities. As demographic change drives increased demand for purpose-built retirement community real estate for the UK’s active adult population, the two schemes will address the significant undersupply within the affluent markets of Romsey and Sunningdale.
The financing of the two developments follows the announcement in August 2019 that Audley Group has formed a joint venture with the UK Retirement Living Fund, managed by Schroders Real Estate and Octopus Real Estate, to develop four sector-leading retirement villages with over 500 units in total, representing a total value of around £400 million.
Daniel Pottorff, Managing Director of Debt Investments and Special Situations at LaSalle Investment Management, said: “We are delighted to have provided this financing solution to the joint venture which further strengthens our relationship with the Audley team, having extended a loan from the LRF programme to the Group in 2017 for an urban retirement scheme in Clapham, London. This investment exemplifies our strategy of investing in demographically compelling segments of the residential market.”
The loan follows an extension of the successful LaSalle Residential Finance programme by a further £476m capital commitment, increasing the total size of the LRF programme (established in 2013) to £1.3 billion. LRF provides stretch senior and higher-leverage financing solutions for developments at loan-to-cost ratios of up to 80 per cent, with loans ranging from £20 million to in excess of £150 million. LRF’s current development lending activities focus on student housing, residential, hotel and healthcare development lending throughout the UK as well as student housing in Europe.
Amy Klein Aznar, Head of Debt Investments and Special Situations at LaSalle Investment Management, said: “We are excited to have further extended the LRF programme which continues to be backed by main investor APG. LRF focuses on bed-based investments and, in particular, on specific segments such as senior living and build to rent which remain structurally undersupplied. This is another example of our strategy of lending to market-leading sponsors to finance the development of best-in-class assets and marks the 15th debt investment completed on behalf of the LRF programme.”
Jon Austen, Chief Financial Officer at Audley Group, said: “We have a long-established track record of developing and operating retirement villages. Our JV structure with the UK Retirement Living Fund, managed by Schroders and Octopus Real Estate, allows us to execute our model in a less capital-intensive way while maintaining our first-class offering which the market continues to demand. We are pleased with the extension of this finance arrangement which reflects the strong growth in our sector.”
The LaSalle 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 team has arranged approximately €4 billion of investments across more than 75 individual transactions.
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, today announces that Richard Craddock has joined to the Debt & Special Situations team in Europe, headed by Amy Klein Aznar. Richard joins as Managing Director for its successful Whole Loan programme (LWLS I/II) which launched earlier this year with €600 million of initial commitments and invests in whole loans across Western Europe, with an initial focus on France, Benelux, Iberia, and Ireland.
Richard has over 12 years of experience in the European real estate finance market and joins the team from Wells Fargo where he was a Director of Commercial Real Estate, supporting investors in originating and structuring financing solutions across a wide range of asset classes and funding structures.
Amy Klein Aznar, Head of Debt & Special Situations at LaSalle, says: “Richard is a great addition and strengthens our senior Debt and Special Sits team. I am delighted that Richard is joining to focus on our successful and growing Whole Loan debt strategies. Given the growth and heightened investment activity of our Debt and Special Situations business in recent years, we have made a number of strategic hires and grown the team to over 30 people and we are well placed to capture investment opportunities across Europe.
LaSalle’s Debt & Special Situations has raised €4.5 billion to date, providing borrowers with a wide range of financing solutions by actively investing through its four complementary investment strategies: LaSalle Real Estate Debt Strategies (LREDs), LaSalle Residential Finance (LRF), LaSalle Whole Loan Strategies (LWLS) and Special Sits. LaSalle provides whole loans, mezzanine, development finance, stretched senior loans, preferred / joint venture equity across the UK and Western Europe.
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 team has committed €3.6 billion of investments across 72 individual transactions.
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 arranged over €200 million of mezzanine loans to refinance three portfolios of last mile logistics and industrial assets for real estate funds advised by Blackstone. The portfolios include 264 assets located in key urban locations throughout Germany, Netherlands, France and Denmark.
The deals are part of the latest fund in the LaSalle Real Estate Debt Strategies programme, LREDS III, which raised over £800 million of commitments in 2017. Through the LREDS III fund, LaSalle’s Debt Investments and Special Situations team invests across Western Europe, lending against assets which offer compelling risk-adjusted returns across mezzanine and whole loan investment opportunities. LREDS III is ahead in terms of its deployment schedule, having committed to over £360 million of loans to date in 2019. This accelerates the fundraising for the successor fund in the series, LREDS IV, which has a target capital raise of €1 billion and is set to launch later this year.
Ali Imraan, Managing Director, Debt Investments & Special Situations at LaSalle said: “We’re delighted to provide financing to Blackstone in the build-up of their strategic European last mile logistics portfolio, Mileway. These three mezzanine loans follow on from two previous financings of the same strategy that we have done for Blackstone in 2018 in the UK, Germany and Netherlands. It also undelines our ability to underwrite large pan-European portfolios, leveraging the breadth of our European business.”
Amy Klein Aznar, Head of Debt Investments & Special Situations at LaSalle said: “We have been large and consistent providers of debt in the European Logistic space and these latest investments are a continuation of our support for Blackstone, which started with the build-up of the Logicor logistics portfolio in 2012.
Overall, we have arranged over £700 million of financings over the past several years in European Logistics for our LREDS and Whole Loan series across all major Western European countries.”
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 team has committed €3.6 billion of investments across 72 individual transactions.
LaSalle’s European debt series also includes the €1 billion LaSalle Residential Finance series (LRF III) which is active in residential, student housing, hotel, and healthcare development lending, throughout Western Europe and the UK and the €600 million LaSalle Whole Loan Strategies programme, launched in December 2018, whose strategy is to originate and hold whole loans with loan-to-values ranging from 70 per cent up to c.80 per cent across various asset types, and targets financings between €25 million and €100 million plus.
Eastdil acted as Debt Advisor to Blackstone.
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.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces that it has extended its first development loan of €20.5 million from the expanded LaSalle Residential Finance Europe programme (“LRF”) to Amro Real Estate Partners. The development is a 360-bed purpose-built student accommodation in Granada and the proposed scheme will be approx. 10,495sqm across two buildings. In addition, the scheme will provide desirable and high-quality amenities such as a swimming pool, a multi-sport court, cinema room and study library.
The loan has been extended from LRF following on from its recent expansion into Continental Europe. Together with additional capital raised, it increases the total size of the LRF programme (established in 2013) to £845 million. LRF provides stretch senior and higher-leverage financing solutions for developments at loan-to-cost ratios of up to 80 per cent, with loans ranging from €20 million to in excess of €100 million. The expansion into Continental Europe will provide loans primarily for the development of student accommodation. This is in addition to LRF’s current development lending activities in student housing, residential, hotel and healthcare development lending throughout the UK.
LaSalle’s Debt & Special Situations business provides its borrowers a wide range of financing solutions by actively investing through its four strategies: LREDS III, LRF III, LWLS I/II and Special Sits. These debt products include whole loans, mezzanine, development financing, stretched senior loans, preferred / joint venture equity in the UK and Western Europe. The LRF programme is complementary to LaSalle’s LREDS series; the third fund in this series closed at the end of 2017 with aggregate commitments of £804 million. LREDS III invests across Western Europe, lending against quality assets with best-in-class sponsors; the combination of which offers compelling risk adjusted returns across mezzanine and whole loan investment opportunities. LWLS I/II, with EUR600m of commitments, invests in whole loans across Western Europe.
The team has previously invested over £400m in student accommodation lending across its strategies. Highlights include:
LaSalle has been very active in the Spanish market where Spanish banks have been constrained with their lending and LaSalle has extensive knowledge of student housing as an asset class. As a result, the LRF programme, which offers stretch senior loans up to 80% LTC, provides an accretive solution for developers.
Amy Klein Aznar, Head of Debt Investments & Special Situations at LaSalle Investment Management said: “We are very happy to be expanding the LRF programme to Continental Europe given the programme’s success in the UK. The loan that we have extended in Granada is an excellent example of the type of student housing development that we find compelling and which meets the needs of students today. Over the past several years, our team has invested more than £400m in student housing and this remains a core sector for our debt investment activities. The team has already completed other student housing development and investment facilities in Continental Europe and we continue to see strong borrower demand. The new commitment to Continental Europe will allow the LRF programme to consolidate its position as a European market leader in debt investment for bed-based sectors like student accommodation and residential.”
LaSalle’s Debt and 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 team has committed £3.4 billion of investments in over 67 individual transactions and secured against £13 billion of real estate.
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”) was named a Gold-level Green Lease Leader at the BOMA International Conference in Salt Lake City, Utah, an annual event that brings together thousands of commercial real estate professionals to share the latest industry trends and operational best practices.
Established six years ago by the Institute for Market Transformation (IMT) and the U.S. Department of Energy’s Better Buildings Alliance, Green Lease Leaders helps identify and recognize leading-edge companies and real estate practitioners who break down barriers to high-performance buildings by revolutionizing the lease to incorporate energy efficiency and sustainability. Green leases, also known as “energy-aligned” leases, create mutually beneficial agreements for building owners and tenants by equitably aligning the costs and benefits of energy and water efficiency investments for both parties.
The Green Lease Leaders Gold designation is awarded to organizations that exhibit a strong commitment to sustainability in buildings and best practice leasing. LaSalle was recognized as a Gold-level award winner for building upon its silver-level achievement last year and executing leases with sustainability clauses at multiple assets across its U.S. portfolio.
Eric Duchon, Global Head of Sustainability at LaSalle, commented: “We are pleased at the substantial progress made within our U.S. portfolio to achieve the Gold-level Green Lease Leaders designation. Integrating sustainability clauses within our leases is a critical asset-level strategy to engage with our tenants and further implement ongoing ESG initiatives. We remain committed to enhancing our sustainability practices and measurements concurrent to our focus on achieving strong investment performance on behalf of our clients.”
This achievement adds to LaSalle’s track record of ESG best practices and distinctions. Industry organizations continue to recognize LaSalle for ESG leadership and maintaining its distinction as an employer of choice. LaSalle has received the following U.S. and global awards in the past year:
Cliff Majersik, Executive Director for the Institute for Market Transformation (IMT), added: “Each year, it becomes more important for commercial landlords and tenants to use every available tool and strategy to improve building performance to stay in step with the changing landscape of climate change action and competitive real estate markets throughout the U.S.
“A green, high-performance lease is an incredibly effective tool to help landlords and tenant companies achieve significant win-win business, energy, and health benefits that are good for the real estate industry, good for cities, and good for the air we breathe. IMT and the Department of Energy’s Better Buildings Alliance are proud to honor the 2019 Green Lease Leaders at this year’s BOMA Annual Conference & Expo, and we congratulate them for joining the wave innovative firms that are taking energy efficiency and sustainability in leased properties to the next level.”
This year, Green Lease Leaders represented portfolios totalling more than 501 million square feet, bringing the cumulative floor area of all Green Lease Leaders to over 2 billion square feet of building space – an indication green leasing is a real estate trend that will continue to grow as a best practice across markets.
Standard commercial leases have historically been a roadblock to more efficient buildings because they create a split incentive where one party reaps the benefits of investing in building upgrades. A green lease agreement guarantees that environmental measures are collaboratively taken by landlords and tenants, and it acts as a catalyst and safeguard for achieving win-win goals and savings for both parties. Green lease clauses can address a range of efficiency improvements that not only help landlords and tenants lower operating expenses, but also increase return on investment, comply with city and state building performance laws, and enable more healthy spaces that are attractive to employees and customers.
An IMT study has shown that green leases have the potential to reduce utility bills by up to $0.51 per square foot (11-22 percent) in office buildings alone, and, if all leased office buildings executed green leases, the U.S. office market alone could save over $3 billion in annual cost savings.
For more information on the Green Lease Leaders program and this year’s recipients, visit greenleaseleaders.com.
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 launch of the LaSalle Whole Loan Strategies programme by its Debt & Special Situations team. This is a €600 million programme focused on originating whole loans secured against real estate in Western Europe and the Nordics. The programme’s strategy is to originate and hold whole loans with loan-to-values ranging from 70 per cent up to c.80 per cent across various asset types. The strategy targets financings between €25 million and €100 million plus.
This is the latest programme from LaSalle’s market leading Debt Investments & Special Situations platform. The addition of this product further enhances LaSalle’s ability to provide financing solutions across the capital stack, including whole loans, mezzanine, development financing, and stretched senior loans.
The strategy’s first investment is a €37 million transaction to finance the aggregation of a high-quality portfolio of last mile logistics assets located mostly around Paris, France. The financing provided the sponsor the flexibility to match its business plan to acquire the assets in batches differentiating it from a traditional senior and mezzanine financing solution. Follow-up investments include a €36m whole loan to finance a fully let distribution centre in Belgium and an office asset in Ireland.
Ali Imraan, Managing Director, Debt & Special Situations, said: “I am delighted to launch the LaSalle Whole Loan Strategies. We have seen an increasing number of borrowers seeking flexible financing solutions for assets by combing senior and mezzanine loans through the efficiency of whole loans. This new programme will allow us to provide borrowers with a truly one-stop financing solution, greatly reducing their execution risk. It is also more efficient compared to a traditional senior and mezzanine solution, particularly for smaller deals.
“While geographically the strategy targets opportunities all across Western Europe, there is an initial focus on France, Benelux, Iberia, and Ireland.”
LaSalle’s 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 team has committed €3.2 billion of investments across 66 individual transactions.
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.
The developers of Milburngate, the mixed-use development, have secured a £120 million forward-funding commitment from LaSalle Investment Management, which will enable the delivery of the first phase of the Durham City Centre project.
In addition, Durham County Council has taken a 35-year lease of the entire first phase of Milburngate and will become landlord to all first phase tenants, creating a new revenue stream for the authority as well as supporting regeneration in the city.
Durham County Council’s lease also includes Phase One’s 5,000 square metres speculative office building, creating capacity for more than 400 new jobs, alongside 153 built-to-rent apartments, supporting Durham’s requirement to provide high-quality city centre work and living space.
In December 2018, detailed planning permission was granted for Phase One, which covers 70 per cent of the entire six-acre mixed-use development. The developers are in the final stages of reviewing shortlisted construction tenders and will select their construction partner in the coming weeks. Completion of the first phase is targeted for early 2021.
Tenants already secured for Phase One include nationally-recognised leisure operators such as the boutique cinema company Everyman, restaurant brands Marston’s Pitcher & Piano, Bar + Block, Miller and Carter and a 92-bed flagship Premier Inn hotel.
Milburngate is being delivered in joint venture by Durham-based property business Arlington Real Estate and the Richardson family, who together have already successfully delivered a number of strategically-important regeneration projects across the region, including Freemans Reach in Durham City centre.
Robin James, Head of Long Income Transactions at LaSalle Investment Management, said: “We are delighted to have entered into this long-term partnership with Durham County Council, Arlington Real Estate and the Richardson family. This mixed-use commercial and residential development will create job opportunities in Durham and is an excellent example of where our client’s capital can be used to deliver major city centre regeneration schemes. We will continue to invest in such projects and have significant funds to deploy in other assets offering long-term, inflation-linked income streams.”
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 announces that it contracted 77 commercial real estate transactions valued at £3.33 billion across the UK in 2018 and forecasts that UK real estate will remain an attractive asset class to institutional investors in 2019, despite macroeconomic uncertainty associated with the Brexit process.
Making direct investments in UK commercial property on behalf of institutional clients from the UK and around the world, LaSalle deployed £2.29 billion across 24 acquisitions while generating £1.04 billion through 53 sales in 2018, compared with a total transaction value of £1.24 billion in 2017. These transaction figures serve to underline the continued resilience of the UK real estate market in the face of political risk, with a total of c£55 billion in UK commercial property transactions in 2018 exceeding the 10-year average of £44 billion according to data from JLL.
Office properties constituted 67 per cent of LaSalle’s UK acquisitions of which the London market accounted for 94 per cent. The sustained demand for London office property is symptomatic of how the capital has resisted leakage to competing European cities and continued to receive strong take-up, with LaSalle’s investment strategy remaining underpinned by the firm’s proprietary analysis of which specific commercial submarkets in London are best placed to achieve rental growth. Meanwhile, alternatives (e.g. parking, healthcare, student housing) accounted for 20 per cent of capital deployed but just 7 per cent of LaSalle’s exit proceeds, continuing LaSalle’s long-term shift towards increased exposure to alternative assets that demonstrate greater resilience to the challenges facing retail and industrial properties.
The proportion of capital deployed by LaSalle into UK commercial property classified as ‘long income’, defined as assets that generate ten year plus contracted terms and an element of predictable inflation-linked cashflow, rose to 26 per cent in 2018. The increase was driven by LaSalle targeting irreplaceable long-let assets to safeguard against market uncertainty, as well as demand from defined-benefit pension scheme clients for low-volatility, predictable income flows that match their liabilities while also generating higher yields than UK sovereign debt. With over £7 billion in institutional capital estimated to have been allocated for investment into long-income assets in 2019, demand for this asset type looks set to persist irrespective of the outcome of Brexit.
Julian Agnew, UK Chief Investment Officer at LaSalle Investment Management, said: “While we believe the most likely outcome of the current political situation to be a ‘Long Hard Brexit’, entailing a loose framework for future trade with the EU that’s fleshed out during the transition period, investors in the UK clearly remain faced with a significant degree of uncertainty. However, in the medium- to long-term we believe that UK real estate will remain attractive compared to other asset classes, that UK property will continue to attract international capital, and that not only London but also other cities such as Bristol, Birmingham, Edinburgh, and Manchester – all of which rank highly on our proprietary analysis of the UK regions’ preparedness for changes in Demographics, Technology, Urbanisation and the Environment – will continue to perform well.”
Chris Lewis, Head of Transactions for the UK at LaSalle Investment Management, said: “We have identified emerging and highly attractive opportunity sets within the UK commercial real estate market for our clients and are pleased to have been able to both deploy capital effectively and realise proceeds through a strong exit pipeline in 2018. We continue to target specific London ‘villages’ where we believe the fundamentals to support rental growth are strongest, while significantly growing land disguised as income as a portfolio of long-income investments with inflation-linked cashflow.
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.
