LaSalle Investment Management has announced the final closing of a £600 mln (€721 mln) European real estate debt fund which will provide whole loan and mezzanine loans secured against real estate in the UK and Germany.

LaSalle Investment Management has announced the final closing of a £600 mln (€721 mln) European real estate debt fund which will provide whole loan and mezzanine loans secured against real estate in the UK and Germany.

Offering single loans between £10 and £200 mln, LaSalle Real Estate Debt Strategies II can lend up to 80% LTV across all real estate asset classes, though with a focus on the office, retail, industrial and residential sectors. The fund will lend alongside traditional and alternative senior lenders or provide fully underwritten whole loans which it may partially syndicate to senior parties.

Amy Aznar, head of LaSalle's debt and special situations business, said the vehicle had attracted a diverse mix of investors. In total, more than 10 institutional investors from across North America, Europe, and Asia signed up. 'With over £1 bn of investible capital, we will continue to find attractive ways to invest capital across our targeted debt strategies,' Aznar said.

Michael Zerda, European director of LaSalle's debt and special situations business revealed that a quarter of the fund is allocated and it has a 'substantial deal pipeline from a continuously growing sponsor base.'

The fund is a successor fund to the LaSalle UK Special Situations Fund I and LaSalle's UK Junior Loan Program, each of which are fully invested.

Since its establishment in 2010, LaSalle's European debt platform team has advised its clients in 22 investments secured against over £3 bn of real estate.