Alternative asset manager Cheyne Capital has provided an €81.5 mln loan to private equity firm, Lone Star, to finance the acquisition of French residential developer, GreenCity Immobilier, alongside the company’s management.
Headquartered in Toulouse, GreenCity Immobilier is an award-winning developer specialising in residential property, including multi-family, individual and student housing. The firm is careful to design programmes that are environmentally friendly, energy efficient and which primarily use renewable energy.
Cheyne’s involvement in this transaction marks the firm’s entry into the French residential development sector. Over the past four years, Cheyne Real Estate has lent over €1 bn in France through 17 transactions.
‘Cheyne Real Estate has strong conviction and significant experience in residential property and we’re excited to now be entering the residential market in France,’ said Raphael Smadja, head of French Real Estate at Cheyne Capital.
