Cheyne Capital, the global alternative asset manager, has completed a €73 mln senior loan to HIG Capital, a global alternative investment firm.
The loan will fund the acquisition of three buildings totalling approximately 20,000 m2 in central Madrid.
The buildings will undergo an extensive renovation to be transformed into a high-quality residential scheme with strong environmental credentials, benefitting from consistent growth of demand for housing accommodation in the city.
Located in the consolidated residential area of Arturo Soria, the portfolio consists of three buildings: two offices and one hotel, that have recently received planning approval to be converted into an institutional residential scheme of around 267 units, combining units for sale and units for rent, with amenities including swimming pools, gym, food courts, cinema, sky lounge and roof gardens.
Daniel Schuldes (in London) and Javier Quintela (in Madrid) of Cheyne Capital Real Estate said: 'We are delighted to support the conversion of outdated and obsolete buildings into more energy-efficient, residential dwellings.
'The properties are extremely well-located and have excellent amenities, so we are excited to partner with H. I. G. Capital to deliver this much-needed, high-quality housing which helps provide a solution to Madrid’s structural supply-demand imbalance.'
