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LaSalle raises €600m for Europe debt fund

The Chicago-based firm has reached its hard cap for LaSalle Real Estate Debt Strategies II, giving the overall platform in Europe more than £1 billion to deploy in debt and special situations.

LaSalle Investment Management has hit its hard cap for its latest European debt fund with a combined total of £600 million (€720 million; $982 million) in capital commitments, PERE can reveal.

The Chicago-based firm, which has around $46 billion of global assets under management, is due to announce tomorrow that the LaSalle Real Estate Debt Strategies has closed oversubscribed and that the vehicle is focused on providing whole loans and mezzanine loans of between €10 million and €200 million ($13 million and $326 million) secured against property in the UK and Germany.

LaSalle’s milestone comes after the firm held a first close for LaSalle Real Estate Debt Strategies early in 2013 and it has since gone on to allocate one quarter of the equity commitments to transactions.

The 13-strong European debt and special situations business is led by Amy Aznar and Michael Zerda. LaSalle began building up a debt team in 2010 with the first vehicle being LaSalle UK Special Situations Fund I and LaSalle UK Junior Loan Program which are both fully invested now.

As well as the LaSalle Real Estate Debt Strategies fund, it is also managing an allocated side car and recently closed the LaSalle Residential Finance Fund I. This means that combined it has raised around $2 billion in 2013 from institutional investors for debt and special situations.

Aznar said: “With over £1 billion of investible capital, we will continue to find attractive ways to invest capital across our targeted debt strategies.”