LaSalle Investment Management is raising another pool of capital for real estate investment, almost three years after it closed the previous fund in that series.
The Chicago-based firm is seeking £750 million ($928.7 million; €896 million) for its LaSalle Real Estate Debt Strategies (REDS) III. So far, the firm has collected for £220 million. The fund will invest in subordinated and mezzanine debt.
LaSalle closed REDS II in January 2014, having hit its £600 million hard-cap for investing in Germany and the UK. The fund made commitments of £10 million to £200 million, lending up to 80 percent of loan to value, according to a statement at the time.
Among other limited partners making commitments, the North Carolina State Treasury pledged £50 million to REDS II, while the University of Manchester also invested £15 million. Overall, more than 10 LPs across North America, Europe and Asia made commitments, the January 2014 statement said.
LaSalle, which has 24 offices across 17 countries, invests in real estate debt, special situations and opportunistic credit and does co-investments.