LaSalle Investment Management ('LaSalle') has provided mezzanine financing of 21 million to support Thor Equities' purchase of a prime retail parade on Boulevard de la Croisette in Cannes, France.
The portfolio comprises eight prime retail units located on the Boulevard de la Croisette, which stretches for some 2km along Cannes' Mediterranean shoreline and is renowned for its high-end hotels and shops. The property provides circa 2,300 m² of retail space let to some of the best luxury retailers in the world including Jimmy Choo, Burberry and Brioni. Thor Equities, owner of the Burlington Arcade in London, is a strategic investor in prime retail properties around the world.
Amy Klein Aznar, Head of Debt Investments and Special Situations at LaSalle Investment Management, said: "LaSalle is delighted to have provided Thor Equities with mezzanine debt financing on this high quality retail acquisition in Cannes. This transaction fits very well into our highly active Debt Investment Programme. We look forward to working with all parties again in the near future."
LaSalle's debt strategy was set up in 2010 to provide tailor-made solutions covering a wide range of situations in which a sponsor may want or need additional financing, which also includes whole loan, stretched senior and mezzanine finance, capital expenditure funding, loan acquisition funding and preferred equity investments.
Over the past 12 months, LaSalle's Debt Strategies Team has invested c. 300 million. Typically, LaSalle is targeting single loan amounts of 10 million to over 100 million for a term of three to five years.
Source: Citigate Dewe Rogerson