Alternative asset manager Cheyne Capital has completed an €80 mln senior loan for a joint venture between Hines and Peterson Group.
The funding is being used to re-finance an existing facility and to support select fit-out works at Central Plaza, a mixed-use property in Central Dublin, known for originally being the home of the Central Bank of Ireland.
Central Plaza comprises 100,000 ft2 (9,290 m2) of Grade A office space with flexible floorplates in a prominent location in Dublin. A further 65,000 ft2 houses food & beverage and retail accommodation. Spread across five buildings, Central Plaza is occupied by a diverse mix of 13 tenants.
Andreas Dimitriou of Cheyne Capital Real Estate said: 'We are pleased to be aiding the completion and stabilisation of this beautiful, landmark property in such a highly sought-after location in Central Dublin.
'Some of the key reasons for making this loan are the strong sponsorship that so far has managed to execute a complicated extensive refurbishment and the asset’s high quality and strong target ESG credentials, including BREEAM Excellent, LEED Gold and a Net Zero Carbon status.'
Peter Lynn, managing director of Hines added: 'Following successful completion of construction and substantial lease-up and stabilisation of our Central Plaza portfolio, and in line with business plan, Hines and Peterson Group will replace the existing construction loan facility with a longer-term investment loan.
'We are happy to partner with Cheyne Capital in this regard as we move to the next phase of the ownership’s investment in this truly unique asset.'
