Cheyne Capital has provided a €135.7m loan to finance the acquisition and redevelopment of a historic building in Portugal’s capital into a five-star hotel and branded residences.
The global alternative investment manager has provided the senior loan to fund the 24,400sqm development in central Lisbon, situated between the Chiado and Bairro Alto districts.
The three-year redevelopment project, sponsored by the Geneva-based Arab Bank Switzerland, will be overseen by asset manager Savills Investment Management and development manager Quest Capital.
Javier Quintela, head of Iberia in Cheyne Capital’s Real Estate Group, said: “We continue to see significant opportunities in the luxury hotel space, and this project will not only deliver top-quality accommodation to the heart of Lisbon, but will also help to address the city’s current undersupply of high-end hotels which meet the demands of international tourists.
“We are delighted to collaborate with such experienced partners on this project and look forward to the delivery of a world-class asset.”
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