LaSalle achieves €435m at first close of fourth European debt fund

LaSalle said that the strong first close put the fund on target for achieving a capital raise of €1 bn, and that commitments were from both existing and new clients to the LREDS series, across a broad range of pension funds and insurance companies across Europe and Asia.

Ali Imraan, managing director and fund manager for LREDS IV, said: 'I am thrilled with the strong first close commitments for LREDS IV.

'We continue to see strong demand for LREDS IV from investors who are attracted to the downside protection in light of the uncertainty due to the pandemic while still aiming to generate healthy current returns.

'We are already seeing some compelling opportunities given that the traditional banks remain relatively cautious while it also allows us to wait and take advantage of any dislocation opportunities that arise from the current uncertainty.'

LREDS IV’s investment strategy focuses on mezzanine debt investments secured on real estate across Western Europe with a focus on Germany, the Netherlands, UK, France and Spain.

In addition to mezzanine debt investments, LREDS IV offers whole loans, capex and development financing solutions. LaSalle’s European Debt & Special Situations platform has been investing across both traditional asset classes such as office, logistics and residential, as well as alternative asset classes such as student housing and self-storage.

Amy Klein Aznar, head of debt & special situations for LaSalle Investment Management, added: 'I am delighted with the launch of the latest fund in our flagship LREDS series, where we have an exceptionally strong track record over the last decade.

'The team has already completed several debt investments this year, working with strong sponsors and senior banking partners across Europe, which has reinforced our position as a leading debt provider in the market.'