LaSalle Investment Management and Aareal Bank have together provided debt financing to support F&C REIT Asset Management's acquisition of a shopping centre in the UK.
The Bon Accord & St Nicholas Shopping Centre is located in Aberdeen, Scotland, and comprises 420,000 sq ft of covered space with more than 70 retail outlets.
LaSalle provided the mezzanine component of the financing package, with Aareal contributing the senior debt.
It is LaSalle's tenth debt investment this year. It's European debt platform provides financing for a wide range of situations, with the capacity to structure stretch senior and mezzanine finance, construction and capital expenditure funding, loan acquisition funding, and preferred equity. It typically targets loans in the £10 million to £100 million range, and has invested £600 million to date.
Amy Aznar, head of debt investments and special situations at LaSalle, said in a statement: “Working on this transaction in partnership with Aareal Bank and lending against institutional quality real estate with a best in class Sponsor such as F&C REIT makes this investment a solid fit for our LaSalle Debt Strategies business.”
Zvi Noé, Director of Investments at F&C REIT, said her firm was pleased to bring LaSalle into its regular pool of debt funders. F&C has worked with Aareal on previous deals.
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