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LONDON-LaSalle Investment Management managed to refinance nearly $425 million of debt in the first half of 2009. According to an article in PropertyEU, the money was used to finance for existing assets and purchase several new properties for the pan-European portfolio. The remaining capital will be used to complete further purchases.

In the article, Markus Beran, head of financing, LaSalle Investment Management said, “We haven’t encountered any difficulties with the twenty or so banks involved during our debt refinancing negotiations, due in part to our market reputation and our proactive credit management. This shows even in the face of the economic crisis, there’s 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.”

As part of this large round of refinancing, LaSalle completed $47 million refinancing the Olympe property in Paris. The deal included an extension of the current debt agreement and was completed on behalf of the LaSalle European Growth Fund II.

To read the whole article in PropertyEU click here.

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