GWM’s Commercial Real Estate Debt Opportunities Fund (Credo Fund) has committed to provide a €40 mln senior loan to finance the acquisition and refurbishment of a beach resort located in Tossa de Mar (Cala Giverola), Costa Brava, Spain.
The resort, benefitting from the direct access to two of the best beaches in Costa Brava, includes a hotel, which has undergone a significant refurbishment with the final phase expected to be completed during next winter, and a recently opened luxury camping, for total 480 keys. The resort is ultimately owned by Azora European Hotel & Lodging F.C.R., the dedicated hospitality fund launched by Azora in late 2021.
Gennaro Giordano, managing partner at GWM, said: ‘As first investment in Spain for the Credo Fund, we are glad for having been able to support Azora, a top European investment management firm with unparalleled experience in the Spanish market and the hotel sector, to provide a bespoke financing solution for their resort despite their challenging market conditions. We remain focused on providing creative financing solutions to experienced sponsors and assets with strong fundamentals across Europe, leveraging our underwriting capabilities in a complex environment where traditional lenders struggle to underwrite certain risks.’
Antonio López, head of capital markets of Azora, said: ‘We are delighted to be working with a renowned Fund Manager such as GWM on the financing of the acquisition and upgrade of Pola Giverola Glamping and Resort in Tossa de Mar, one of the most attractive active and family tourism destination in Spain.’
Founded in 2000, the GWM Group is an institutional asset manager, with a specific focus on Real Estate and Alternative Investments. The Group operates through its main offices in London, Luxembourg, Malta, Milan and Rome with a team of 50+ highly experienced professionals advising and/or managing client’s investments.
The group manages around €2.5 bn of AUM.
