LaSalle Investment Management has provided EUR 21 mln in mezzanine financing to support Thor Equities' purchase of a prime retail parade in Cannes, France.
LaSalle Investment Management has provided EUR 21 mln in mezzanine financing to support Thor Equities' purchase of a prime retail parade in Cannes, France.
The portfolio comprises eight prime retail units located on the Boulevard de la Croisette, which stretches for some 2km along Cannes' Mediterranean shoreline. The property provides circa 2,300 m2 of retail space let to some of the best luxury retailers in the world including Jimmy Choo, Burberry and Brioni.
Thor Equities, owner of the Burlington Arcade in London, is a strategic investor in prime retail properties around the world.
LaSalle’s debt strategy was set up in 2010 and includes whole loan, stretched senior and mezzanine finance, capital expenditure funding, loan acquisition funding and preferred equity investments. Over the past 12 months, LaSalle’s Debt Strategies Team has invested around EUR 300 mln. Typically, LaSalle is targeting single loan amounts of EUR 10 mln to over EUR 100 mln for a term of three to five years.