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Laxman Pai, Opalesque Asia: LaSalle Investment Management has completed the first close of its fourth fund in its flagship LaSalle Real Estate Debt Strategies series (LREDS).
The real estate debt fund has so far raised €435m ($512m) and is on track to reach its €1bn fundraising target, said the real estate investment manager with $65 billion of assets in a press note.
LaSalle said the capital raised by the LREDS IV fund at the first close was received from both existing and new clients, made up of pension funds and insurance companies across Europe and Asia. The previous fund, LREDS III, exceeded its initial GBP750m target to raise over GBP800m of commitments in 2017.
LREDS IV's investment strategy focuses on mezzanine debt investments secured on real estate across Western Europe with a focus on Germany, Netherlands, UK, France, and Spain offering compelling risk-adjusted returns with downside protection and high cash-on-cash yields, said the release.
In addition to mezzanine debt investments, LREDS IV offers whole loans, Capex, and development financing solutions, it added.
LaSalle's European Debt & Special Situations platform has been investing across both the traditional asset classes such as office, logistics, and residential, as well as alternative asset classes such as student housing and self-storage.
Since 2010, the platform has committed €3.4 billion to investments across 78 individual transactions.
The launch of LREDS IV is also complementar...................... To view our full article Click here
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