Alternative investment manager Cheyne Capital Management has provided a €44 mln loan for GDG Investissements' new development in central Paris, France.
The project will convert an existing 3,500 m2 property on 105 Boulevard Raspail into a mixed-use building, with about 70% dedicated to a campus and the rest to social student housing.
Located in the 6th arrondissement, the site is adjacent to the Jardin du Luxembourg and has access to public transport links.
The development will be refurbished with sustainability in mind to obtain HQE Excellent and RE 2020 certifications.
Raphael Smadja of Cheyne Capital Real Estate commented: ‘This is a rare opportunity to deliver high-quality campus and social housing to Paris's city center. We're pleased to be supporting GDG Investissements on this initiative and believe their long-standing focus on the implementation of business school campuses and excellent track record in this sector make them an ideal partner for this project.’
Rémi Gaston-Dreyfus of GDG Investissements added: ‘We are delighted to be acquiring this property, whose strategic location offers exceptional potential for our investment portfolio, particularly given its proximity to the prestigious Sorbonne Université.’
