LaSalle Debt Investments (Europe)


LaSalle's Debt Investments team actively invests in real estate debt across European markets.

The team invests in senior loans, whole loans, mezzanine finance, development finance, and corporate real estate finance through various investment products, including discretionary commingled funds and separate accounts. The team has invested across a broad range of asset classes including logistics, office, residential, student housing, hotels, healthcare, retail, and self-storage.

  • 4.3B
    Total capital invested (since 2010)
  • 89
  • 36
    Dedicated employees

As of September 30, 2021

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Why LaSalle’s European Debt Investments

Partnering to provide flexible debt solutions for clients across Europe

We provide capital to real estate investors at every level in the capital stack. Our transactions team works across all our different lending products to provide you with a single point of contact, regardless of your particular capital requirements.

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Senior loans

Development Finance

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Development Finance

Alternative sectors and Operational assets

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Alternative sectors and Operational assets

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Meet the Team

  • Photo of Amy Klein Aznar
    Amy Klein Aznar
    Executive Chair of Debt & Value-Add strategies

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    13 years at LaSalle
    Joined in September 2008

    Amy is the Executive Chair of Debt & Value-Add Strategies and a member of its Investment Committee. Prior to that, she was the Head of Debt & Value Add Strategies, who oversaw the set-up and growth of LaSalle’s market leading European debt platform and LaSalle’s Value Add equity strategies in Europe. Amy was responsible for LaSalle Real Estate Debt Strategies II, III, & IV (c.€2.8bn in committed capital, of which LREDS IV has raised c.€940m excl. side-car allocation), LaSalle Residential Finance I - III (£1.5bn in committed capital), LaSalle Whole Loan Strategies (€964m committed capital), LaSalle UK Special Situations Fund and Special Situations Venture and is on LaSalle’s European and UK Management Boards. Amy also chaired LaSalle's European Diversity Board for five years. 

    Amy has a 20+ year track record of working in real estate principal equity and debt investment. During her time at LaSalle, Amy has raised c. €6.1bn of capital commitments across the debt and special situations platform and completed over €4.3bn of debt and equity investments across 89 transactions since 2010 (as at Q3 2021). Her real estate debt investments include over €1.6bn in mezzanine loans and €2.6bn in whole loans, including over €1.4bn in development lending.  Since 2010, she has been responsible for investments of c. €860m in logistics and c. €1.6bn in residential, student and senior living sectors. She was named one of the 51 most influential women in UK Real Estate (Bisnow, 2018) and one of the top 10 ‘Women of Influence’ in PEI – Alternative Insight’s ranking of Private Debt specialists (2021). In addition, the business that she is responsible has won the following awards: Private Equity Real Estate Top Ten Global Debt Manager (2019, 2020), Property Investor Europe: 2018 Fund of the Year – Debt, Property Week: 2016 Financier of the Year.

    Prior to joining LaSalle, Amy was a Managing Director of Global Principal Investments at Merrill Lynch in London, where she was responsible for transactions across Europe, including the acquisition of a €13bn portfolio of non-performing loans and a loan servicing company from Banca Intesa in Italy and the acquisition of a €1.4bn non-performing loan portfolio from Dresdner Bank in Germany.
    Amy has an MBA in Finance and Real Estate from the Wharton School of the University of Pennsylvania and a BSE in Engineering from Princeton University (cum laude and sigma xi). She has been living and working in London since 1999.   

  • Photo of Michael Zerda
    Michael Zerda
    Head of Debt & Value-Add strategies

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    Michael Zerda rejoined LaSalle as Head of European Debt & Value-Add Strategies, responsible for LaSalle’s market leading debt platform and its value-add equity strategies in Europe.  

    Michael has 21 years’ experience investing in debt and equity opportunities in Europe and the US, across a wide variety of real estate asset classes. Since 2010, he has been responsible for transactions totalling over $20 billion in gross loan commitments and over $7 billion in net equity contributions across 103 individual transactions in major Western European markets spanning senior debt, mezzanine debt, corporate debt, development finance, and equity joint ventures.   

    Michael was most recently Head of Europe for Blackstone Real Estate Debt Strategies, where he oversaw the growth of one Europe’s most active non-bank lending platforms and led various notable initiatives, including providing a €1.2bn whole loan for Henderson Park’s purchase of Green REIT, the first ever financing for a public to private real estate transaction in Europe by a non-bank lender, the establishment of a +€1bn pan-European logistics lending program, and expansion into most Western European markets.

    Prior to joining Blackstone, Michael spent six years at LaSalle Investment Management alongside Amy Aznar overseeing the set-up and growth of its market leading debt and special situations platform. During his time at LaSalle, Mr Zerda was involved in raising €1.9bn of capital commitments of which €1.7bn was deployed during his tenure across 35 individual whole loan, mezzanine, and structured equity investments.  

    Prior to joining LaSalle, Michael was Vice President in Merrill Lynch’s Global Principal Investments division in London, where he focused on European equity investments, including the acquisition of a €13bn portfolio of non-performing loans and a loan servicing company from Banca Intesa in Italy.  Prior to that he worked at Archon Group, Goldman Sachs’ real estate and distressed loan management platform and Archon Capital, Goldman Sachs’ real estate mezzanine platform.

    Michael received a BA in Finance from the Neely School of Business at Texas Christian University, where he graduated with honours.

  • Photo of David White
    David White
    Managing Director in Debt Investments (Europe)

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    David White is a Managing Director at LaSalle in the Debt Investments team, overseeing the LaSalle Real Estate Debt Strategies (LREDS) business.  David has a 14+ year track record of working in real estate private equity and debt investment. He has extensive experience lending throughout the capital structure and in real estate debt investments, including mezzanine and whole loans, as well as direct real estate investments, distressed credit, and restructuring.  Prior to joining LaSalle, David was a Partner at Intriva Capital Advisors LLP, where he was based in London as a member of the Investment Committee, and oversaw the investment team. 

    Prior to joining Intriva, David was a founding Partner at Tyndaris Real Estate, an alternative lending platform based in London and focused on both opportunistic and secured income on a pan-European basis.  At Tyndaris Real Estate David oversaw the build-out of the firm and the team, and helped build the capital base from scratch to €1.6 billion in assets under management, deploying capital in senior loans, mezzanine and preferred equity, equity and CMBS purchases.  He also sat on the Investment Committee and oversaw all aspects of reporting, asset management, workout and restructuring efforts.  David started his career at Deutsche Bank in the Real Estate Special Situations Group where he focused on direct lending, distressed investing and purchasing non-performing loan pools.  He worked in London, Hong Kong and New York during his time at Deutsche Bank. 

    David has a Bachelor of Arts degree in Economics with a minor in Business and East Asia Studies from Brandeis University and he also spent a year studying Management with a focus on Economics and Finance at the London School of Economics. 


  • Photo of Richard Craddock
    Richard Craddock
    Managing Director, Transactions & Fund Management

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    2 years at LaSalle
    Joined in October 2019

    Richard is a Managing Director in the Debt Investment and Special Situations team and is responsible for the European Whole Loans programme.​ He has worked in the European real estate finance markets since 2007 supporting investors in originating and structuring financing solutions across a wide range of asset classes and debt products.

    Prior to LaSalle, Richard spent six years at Wells Fargo Bank International on their European Commercial Real Estate desk with a focus on private equity coverage, providing investment and development finance, corporate lines and revolving credit facilities across all major real estate sectors. He also worked for 6 years in Commerzbank’s real estate finance business, Eurohypo, based in both London and Tokyo. Alongside origination responsibilities, his experience includes loan portfolio acquisitions and restructuring non-performing loans.

    He has served as Vice President for the Association of Property Lenders and currently sits on the special advisor board to the Oxford Real Estate Society as well as the Board of Advisors for CREFC Europe. He is a regular contributor to Property Week and a guest lecturer at the IPF Diploma in Property Investment and the Oxford Executive Education Real Estate programme​. Richard holds an MPhil in Management from the Judge Business School, Cambridge University, and a BA Hons from the University of Oxford.