LaSalle successfully raises £600 million for LaSalle Real Estate Debt Strategies II
January 16 2014 - LaSalle Real Estate Debt Strategies II (the “Fund”) closes oversubscribed at its hard cap of £600 million.
- LaSalle Real Estate Debt Strategies II (the “Fund”) closes oversubscribed at its hard cap of £600 million.
- Together with allocated side car capital and the earlier closing of LaSalle Residential Finance Fund I (“LRF I”), LaSalle’s Debt and Special Situations business raised circa £1.2 billion (USD $2 billion) from institutional investors in 2013.
- The Fund will focus on whole loan and mezzanine debt opportunities secured against real estate in both the UK and Germany.
- The Fund has already deployed 25% of its committed capital.
LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announces the final closing of LaSalle Real Estate Debt Strategies II, a £600 million European real estate debt fund focused on providing whole loan and mezzanine loans secured against real estate in the UK and Germany.
Offering single loans between £10 million and £200 million, the Fund can lend up to 80% LTV across all real estate asset classes, though with a focus on the office, retail, industrial and residential sectors. The Fund will lend alongside traditional and alternative senior lenders or provide fully underwritten whole loans which it may partially syndicate to senior parties.
Amy Aznar, head of LaSalle’s Debt and Special Situations business said: “We are delighted to attract such a diverse mix of investors to the Fund and are very optimistic about the opportunities we are seeing in Europe. With over £1 billion of investible capital, we will continue to find attractive ways to invest capital across our targeted debt strategies.”
Michael Zerda, European Director of LaSalle’s Debt and Special Situations business said: “With over a quarter of the Fund allocated and a substantial deal pipeline from a continuously growing sponsor base, we are pleased with the pace of growth the current market provides. Our goal is to continue to be a constructive and flexible partner for our borrowers, while also delivering strong risk-adjusted returns for our global investor base."
Simon Marrison, LaSalle’s European CEO added: “The capital raise achieved by the Fund is testament to the strong track record and deal sourcing capabilities that LaSalle’s Debt and Special Situations team has built up since we established it in 2010”.
The Fund is a successor fund to the “LaSalle UK Special Situations Fund I” and LaSalle’s UK Junior Loan Program, each of which are fully invested. The Fund received backing from more than ten institutional investors across North America, Europe, and Asia.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $60.5 billion as of Q3 2018 of private and public equity and private debt investments. 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. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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 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 by means of a private placement memorandum. Past performance is not indicative of future results.