LaSalle Investment Management’s European debt investments and special situations business has raised almost £600m across its debt strategies platform.
LaSalle has extended its LaSalle Residential Finance programme, in which APG is the largest investor, to £704m, with new commitments totalling £264m for LaSalle Residential Finance III.
In line with LRF I and II, LRF III will focus on lending on UK assets intended to be developed or re-developed into student housing, residential, hotels and healthcare assets.
The vehicle lends at loan-to-cost ratios of up to 80%. Loans sizes range from £15m to more than £100m. #
LRF I and II have loaned nearly £500m since 2013, including a £110m whole loan in Q3 2016 to Telford Homes and Business Design Centre to fund the City North development, a 355-unit residential-led mixed-use scheme in Finsbury Park, north London.
LaSalle’s most recently launched fund in its debt series, LaSalle Real Estate Debt Strategies III, has secured £334m and is expected to exceed the £600m raised for the prior fund. The fund’s geographical focus is the UK but it also lends across western Europe and the Nordics.
LREDS III has already extended a £38m, five-year mezzanine facility to finance the acquisition of a £191m UK portfolio sponsored by clients of BMO Real Estate Partners.
The portfolio is composed of three assets covering 853,000 sq ft in total: a department store in Manchester city centre; Clifton Moor retail park in York, anchored by Tesco; and Westgate retail park in Wakefield.
Since 2010, the LREDS III team has loaned £1.8bn in 47 individual transactions secured against £8.6bn worth of real estate.
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