LaSalle Investment Management (“LaSalle”) has arranged over €200 million of mezzanine loans to refinance three portfolios of last mile logistics and industrial assets for real estate funds advised by Blackstone.
The portfolios include 264 assets located in key urban locations throughout Germany, Netherlands, France and Denmark.
The deals are part of the latest fund in the LaSalle Real Estate Debt Strategies programme, LREDS III, which raised over £800 million of commitments in 2017.
”Through the LREDS III fund, LaSalle’s Debt Investments and Special Situations team invests across Western Europe, lending against assets which offer compelling risk-adjusted returns across mezzanine and whole loan investment opportunities,” LaSalle IM said.
”LREDS III is ahead in terms of its deployment schedule, having committed to over £360 million of loans to date in 2019. This accelerates the fundraising for the successor fund in the series, LREDS IV, which has a target capital raise of €1 billion and is set to launch later this year.”
“We’re delighted to provide financing to Blackstone in the build-up of their strategic European last mile logistics portfolio, Mileway. These three mezzanine loans follow on from two previous financings of the same strategy that we have done for Blackstone in 2018 in the UK, Germany and Netherlands. It also undelines our ability to underwrite large pan-European portfolios, leveraging the breadth of our European business,” said Ali Imraan, Managing Director, Debt Investments & Special Situations at LaSalle.
”We have been large and consistent providers of debt in the European Logistic space and these latest investments are a continuation of our support for Blackstone, which started with the build-up of the Logicor logistics portfolio in 2012,” said Amy Klein Aznar, Head of Debt Investments & Special Situations at LaSalle.