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LaSalle taking 80% stake in debt manager

LaSalle Investment Management agreed to buy an 80% stake in Latitude Management Real Estate Investors, a $1.2 billion debt fund business, said a LaSalle spokesman.

Latitude Management, including Glenn Sonnenberg, president; Chip Sellers, executive vice president; and managing directors Brett Mayer and Craig Oram, will maintain a combined 20% stake in the firm, the spokesman said.

Further terms of the deal, expected to close in the first quarter 2019, were not disclosed.

The deal does not include Latitude's equity business, which has less than $1 billion in assets and is being spun off, the spokesman said.

After closing, the Latitude debt business will join LaSalle's North America private equity platform, which manages $21 billion of LaSalle's total $60 billion in assets under management and is led by Americas CEO Jason Kern.

Messrs. Sonnenberg, Sellers, Mayer and Oram will retain their titles and responsibilities overseeing the debt fund business and Latitude Management Real Estate Investors' 20 employees will remain with the firm.

When it closes, the Latitude deal will be the first strategic platform acquisition by LaSalle's Americas business, the spokesman said.