LaSalle Investment Management announced it has completed the majority acquisition of the $1.2 billion debt fund business of Latitude Management Real Estate Investors. Upon closing, the Latitude business has been transferred into LaSalle’s North America Private Equity platform and has been re-named LaSalle Mortgage Real Estate Investors (LMREI). Additional information can be found at www.lasalle.com/lmrei.
As previously announced, LMREI President and CEO Glenn Sonnenberg and Executive Vice President Chip Sellers, along with Managing Directors Craig Oram and Brett Mayer, will continue to lead the day-to-day business and LMREI’s 20 employees will continue to operate under the same structure, systems and processes to provide continuity for all the firm’s stakeholders. The senior management team has retained an ownership position in LMREI, executed multi-year employment agreements and will be actively involved in the ongoing strategy, product development and growth planning process.
Jason Kern, LaSalle Americas CEO, said: “We are pleased to welcome our new colleagues to LaSalle, and look forward to advancing our debt capabilities into what has become a strategically important investment allocation for our clients. LMREI’s cultural alignment and fiduciary-focused mindset will serve the broader firm well as we seek to expand the platform in the years ahead.”
Glenn Sonnenberg, LMREI President and CEO, added: “Joining LaSalle affords us a tremendous opportunity to build on the strong track record we have established over the past 19 years. We are enthused by the growth prospects ahead and will remain focused on adhering to the same investment rigor and commitment to client service that have guided us to date.”
LMREI is a commercial real estate lender providing short term, floating rate loans against middle-market commercial real estate assets owned by sponsors seeking targeted real estate solutions. LMREI’s primary focus has been originating new bridge loans for value-add and transitional properties in sustainable growth markets throughout the United States. LMREI has managed a successful series of commingled debt funds, the fourth and most recent having a total equity raised of approximately $480 million. LMREI’s seasoned management team and vertically integrated platform has successfully closed over $3 billion in financings across all primary commercial real estate property types.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately US$64 billion of private and public equity and private debt investments under management (as of Q4 2018). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
