LaSalle refinances EUR 300m debt during H1 2009

LaSalle Investment Management (LaSalle) has said it refinanced almost EUR 300 mln of debt during the first half of 2009. The deals provided follow-up financing for some existing assets and funded the acquisition of a number of new properties for its pan-European portfolio.

Recently, LaSalle has concluded a EUR 33 mln refinancing of its Olympe property in Paris, France, on behalf of LaSalle European Growth Fund II, which included an extension of the existing debt arrangements.

LaSalle said the round of financing and refinancing would enable it to make new acquisitions on behalf of its clients 'in markets which currently look particularly attractive, such as the UK'. The investor said more opportunities were starting to appear in Continental Europe as banks begin to deal with non-performing loans and REITs are increasingly squeezed by re-financing issues.

Markus Beran, head of Financing, LaSalle Investment Management said, 'We haven't encountered any difficulties with the twenty or so banks involved during our debt refinancing negotiations, due in part to our market reputation and our proactive credit management. This shows even in the face of the economic crisis, there’s still room for deals on the international debt markets. Indeed, we believe that some of the best opportunities over the coming months are likely to be in partnership with the banks because of their desire to avoid fire sales.'