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LaSalle refinances €300m in Europe

Around 20 banks have been involved in refinancing in the first six months of the year, but the firm reports it hasn’t encountered any difficulties.

Chicago-based LaSalle Investment Management says it has encountered “no difficulties” with the twenty or so banks that have refinanced almost €300m of debt in Europe in the first six months of the year.

Markus Beran, head of financing, said even in the face of the economic crisis, there was 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,” he said. He added: “We haven’t encountered any difficulties with the twenty or so banks involved during our debt refinancing negotiations.”

The firm added in a statement today that some of the financing had been for future acquisitions. Most recently, it 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.

As well as the UK, the firm 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.