LaSalle Investment Management has acquired a majority stake in the $1.2bn debt fund business of Latitude Management Real Estate Investors to make its entry into the US real estate debt market.
Latitude is a US-based lender focused on short term, floating rate loans against middle-market commercial real estate assets and its assets will be incorporated into LaSalle’s North American private equity platform. The deal is expected to close in Q1 2019 and will add to the $21bn assets under management contained with the private equity platform of the company which has $60bn AUM in total.
Existing Latitude president Glenn Sonnenberg will continue to lead the debt fund business with the senior management team of executive vice president Chip Sellers and managing directors Brett Mayer and Craig Oram will all be integrated into LaSalle. Founded in 2009, Latitude has launched a series of commingled debt funds, the most recent being Latitude Management Real Estate Capital IV with total equity raised of nearly $500m.
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