Global real estate investment manager LaSalle has launched a €600 mln lending programme for real estate in Western Europe and the Nordics.
The programme aims to originate and hold whole loans against property with LTV of 70-80% across various asset types. The initial focus will be on France, the Benelux, the Iberian peninsula and Ireland.
Its first investment is a €37 mln transaction to finance the aggregation of a high-quality portfolio of last-mile logistics assets located mainly around Paris. Follow-up investments include a €36 mln whole loan for a fully-let distribution centre in Belgium and an office asset in Ireland.
Ali Imraan, managing director, debt and special situations, said: 'We have seen an increasing number of borrowers seeking flexible financing solutions for assets by combing senior and mezzanine loans through the efficiency of whole loans.
'This new programme will allow us to provide borrowers with a truly one-stop financing solution, greatly reducing their execution risk. It is also more efficient compared to a traditional senior and mezzanine solution, particularly for smaller deals.'
LaSalle's debt investments and special situations team has committed €3.2 bn of investments across 66 individual transactions since 2010.
