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LaSalle ready for U.S. commercial property deals

Reuters
LaSalle ready for U.S. commercial property deals - LaSalle - Commercial Property - United States


NEW YORK (Reuters) - LaSalle Investment Management has about $1.5 billion to $2 billion ready to use to buy U.S. commercial property for its investors but does not expect to pull the trigger for a few quarters.



"We're very interested in the U.S.," Jacques Gordon, global strategist and head of Research for LaSalle Investment Management, told the Reuters Global Real Estate Summit on Monday. "We have dry powder. We'll bid on them when sellers meet our price and that hasn't happened yet."

That could come as early as the second or third quarter of next year, he said, "But no one really knows."

For that to change and for transactions to ramp up, lenders would have to accept that the price of private equity has fallen below their debt.

"That does involve in many cases taking a hit on their balance sheet to the debt," Gordon said.


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