LaSalle Investment Management refinances €300 mln. during H1 2009

LaSalle Investment Management (LaSalle) has successfully refinanced almost €300 million of debt during the first half of 2009 to provide follow-up financing for some existing assets and to fund the acquisition of a number of new properties for its pan-European portfolio.

Most recently it has concluded a €33 million refinancing of its Olympe property in Paris, France, on behalf of LaSalle European Growth Fund II, which included an extension of the existing debt arrangements.

LaSalle believes that this successful round of financing and refinancing will enable it to make new acquisitions on behalf of its clients in markets which currently look particularly attractive, such as the UK, where opportunities are emerging to acquire good quality real estate at attractive prices. It says that there are also more opportunities starting to appear in Continental Europe as banks begin to deal with non-performing loans and REITs are increasingly squeezed by re-financing issues.

Markus Beran, Head of Financing, LaSalle Investment Management said, "We haven't encountered any difficulties with the 20 or so banks involved during our debt refinancing negotiations, due in part to our market reputation and our proactive credit management. This shows even in the face of the economic crisis, there's still room for deals on the international debt markets. Indeed, we believe that some of the best opportunities over the coming months are likely to be in partnership with the banks because of their desire to avoid fire sales."

Source: Citigate Dewe Rogerson

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