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LaSalle Investment Management has raised almost £600 million across two funds for its European real estate debt strategies platform.
The European finance director at private equity firm Ares, Mike Pashley, and Ali Imraan from RBS’s ABS team, have joined LaSalle’s debt investment business. The pair will beef up LaSalle’s debt investment and special situations team led by Amy Aznar, which saw several senior staff leave last year.
A panel consisting of heads of financing from LaSalle Investment Management, Commerz Real, M7 Real Estate and IVG Immobilien agreed that borrowers are not generally requesting that lenders increase loan-to-value ratios in deals.
An £89m financing won by LaSalle Investment Management last year may come back to market after the £200m London development scheme it was secured on changed hands. City North Finsbury Park is one of four London projects which Telford Homes acquired after its £23m purchase in the last few weeks of the regeneration business of the original developer, United House Developments (UHD).
LaSalle Investment Management's Michael Zerda is joining Blackstone and Blackrock's Rawle Howard is joining Canadian Pension Plan Investment Board. Zerda, European director in the debt investments and special situations group at LaSalle, is to become managing director at Blackstone Real Estate Debt Strategies (BREDS). He will report to senior managing director Rob Harper and is expected to start his role in Q1 2016. Howard, head of European real estate debt originations at BlackRock, is to become head of European real estate debt at CPPIB.
LaSalle Investment Management has provided around £100m to Brockton Capital for its £137m acquisition of Great Minster North in Victoria, London. The whole loan reflects a loan-to-value of just over 70%. LaSalle is planning to syndicate the facility.
pbb Deutsche Pfandbriefbank has provided a €76m Sharia compliant facility to Saudi-based Islamic investment firm SEDCO Capital. The five-year refinancing loan is for a mixed-use portfolio of eight assets in Germany. Four of the largest assets by value are located in Berlin and make up 75% of the portfolio’s value.
LaSalle Investment Management has paid $125m for a five-floor office condominium at 200 Lafayette Street in Manhattan using $100m in acquisition financing from Deutsche Bank, Real Estate Capital has learned. The seller, General Growth Properties (GGP), put the fully-leased, five-floor, 80,000 sq ft office condo in the NoHo neighborhood up for sale earlier this year, hiring CBRE to handle the process.
LaSalle Investment Management is to start lending against real estate in the Benelux region.
LaSalle Investment Management’s debt financing team arranged €714m of financings in 2014.
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