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LaSalle Investment Management, the global real estate investment manager, is pleased to announce the final close of itsLaSalle Real Estate Debt Strategies III fund with aggregate commitments of £804 million.
The most recently launched fund in LaSalle’s debt series has seen strong demand from investors across all regions globally, and has been the most successful fund raise in them series to date. LREDS III’s capital raise was oversubscribed and exceeded its initial £750 million target. LREDS III has attracted 17 LPs from all over the world, comprising a diverse mix of investors from Europe, the Middle East, Asia and United States. The fund retained support from existing investors as well as attracting capital from investors that were new to the fund series.
The LREDS III closing, combined with the LaSalle Residential Finance third tranche of £260 million secured earlier in the year, brings the capital raised for LaSalle’s debt investment platform to approximately £1.1 billion in 2017.
LREDS III invests across Western Europe, with a focus on the UK. Its strategy is to focus on 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.
The Fund has seen an increase in lending activity in recent months; recent deals include:
- Acquisition and development loan secured against a prime Spanish student housing portfolio for GSA, Global Student Accommodation.
- £27 million mezzanine loan secured against a dominant shopping centre in the UK for a major real estate private equity firm.
- £24 million mezzanine loan to finance the acquisition of a leading designer outlet centre in Scotland for Blackstone.
- £38 million, five-year mezzanine loan to finance the acquisition of a UK retail portfolio for BMO.