LaSalle extends £110m loan facility to Telford Homes and Business Design Centre Group’s City North

LONDON (July 26, 2016) LaSalle Investment Management’s Debt Investment & Special Situations team is delighted to announce that LaSalle Residential Fund II (“LRF”) has extended a £110m whole loan facility to finance the development of City North, a mixed use development in Finsbury Park, London.

The loan facility will finance the development of the mixed-use property, which comprises 355 residential apartments (308 private units and 47 affordable housing units) and 107k sq. ft. of commercial space, including a cinema, which will be arranged across four blocks in Finsbury Park. City North is located in the popular district of Islington in North London and has excellent transport links being adjacent to Finsbury Park underground station. The site is situated in an urban regeneration area at the crossroads of three different boroughs (Hackney, Haringey and Islington). The property will be developed as a joint venture between Telford Homes Plc and the Business Design Centre Group Limited.


LaSalle’s Debt and Special Situations platform has invested c. £1.8bn since 2010 and provides mezzanine, whole loans and development finance.  Over the past 18 months, LaSalle has been very active, investing c. £750m across 17 loans.  LaSalle’s more recent debt funds include £440m LRF (2013) and £600m LaSalle Real Estate Debt Strategies II (“LREDS II”) (2013).  The team is now launching its latest fund, LaSalle Real Estate Debt Strategies III (“LREDS III”), which will primarily focus on debt investments in mezzanine and whole loans in the UK and also across Western Europe. The LREDS III strategy focuses on working with best in class sponsors and senior lending partners to provide creative structuring solutions and certainty of execution on high quality assets.  LREDS III seeks to provide attractive risk adjusted returns across its debt portfolio[1].


Amy Aznar, ‎Head of Debt and Special Situations at LaSalle Investment Management, said: “I am delighted with LRF’s investment in City North and we are very pleased to be backing Telford Homes and Business Design Centre Group as they develop this exciting scheme. We continue to experience strong demand for our lending products across a wide range of mezzanine and whole loans. We are currently raising LREDS III which will seek to build on the success of the predecessor funds. We anticipate an uptick in lending opportunities in the wake of the Brexit vote and we believe that the UK will present compelling debt investment opportunities over the medium term horizon.”


Jon Di-Stefano, Chief Executive, Telford Homes Plc, said: “On behalf of Telford Homes Plc I am delighted that we have been able to secure this facility with funds advised by LaSalle Investment Management who have remained committed to the project since 2014. Telford Homes are very pleased to able to get underway with the City North development and we look forward to the exciting changes it will bring to the Finsbury Park area.”


Dominic Jones, Chief Executive of City North Islington Holdings and Business Design Centre Group, said: “We have been working on this project for some years and are absolutely committed to the delivery of a development of the highest quality that will transform Finsbury Park with a new and varied offer, as well as setting the standard for future development in this location. We are delighted to be part of such a vital regeneration project which will bring far-reaching benefits to the area”.


[1] This release does not constitute an offer to sell or a solicitation of an offer to buy an interest in LREDS III.  A private offering of interests in the fund is being made only to certain qualified investors pursuant to the fund’s confidential private placement memorandum. Within the European Economic Area (EEA), the LaSalle UK PRS Residential Fund is only available to professional investors in EEA member states where marketing has been registered or authorised in accordance with local requirements.  A full list of the relevant EEA member states is available from LaSalle on request.

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 and LinkedIn.

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