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LaSalle Investment Management to launch real estate debt fund with €1B target

LaSalle Investment Management Inc. is poised to start fundraising for LaSalle Real Estate Debt Strategies IV later in 2019 with a capital goal of €1 billion.

The global real estate investment manager disclosed the fundraising plan, along with a refinancing of three portfolios of last-mile logistics and industrial properties for real estate funds managed by private equity giant Blackstone Group Inc.

LaSalle said it has arranged more than €200 million of mezzanine loans to refinance the portfolios, which include 264 assets in key urban sites across Germany, the Netherlands, France and Denmark. It is providing the financing out of its LaSalle Real Estate Debt Strategies III fund, which closed at more than £800 million in 2017.

Eastdil was debt adviser to Blackstone.