Pan-European real estate finance provider Maslow Capital has provided a development facility of more than €40m to Tikehau Capital and Dunman Capital for a serviced apartment repositioning scheme in Germany.
The financing will fund the acquisition and conversion of a vacant hotel at Wielandstraße 8 in Berlin-Charlottenburg into approximately 250 serviced apartments.
The redevelopment will expand the property’s gross floor area from 3,800sqm to 7,300sqm and include ground-floor and basement communal amenities.
Léo Béchet, director, head of origination at Maslow Capital Germany, said: “This transaction brings together several factors that are decisive for us when financing a project: experienced and well-capitalised sponsors, a compelling use concept and an established location.
“At the same time, the project shows how important it is to have financing partners that can move at pace to provide certainty of structuring and execution, even for more complex development and repositioning strategies. We see strong demand in Germany for flexible financing solutions. With our ability to provide partners with tailored capital exactly where it is needed, we are well positioned to meet that demand.”
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