Italian asset manager Kryalos has kicked off a new value-add property lending fund with an equity target of €300 mln.
Named Ottaviano, the vehicle is Kryalos’ second debt investment structure and will focus on issuing loans secured by assets in Italy or acquiring existing loans linked to new acquisitions or redevelopments.
‘The fund currently has a vast pipeline of investment opportunities particularly in the luxury hotel sector,’ the company said in a statement.
'The launch of this new fund concretely represents the commitment to expand Kryalos' presence in the real estate financing sector which, in particular for Value Add initiatives, shows an interesting growth rate and the possibility of offering operators in the sector financial products that are well suited to a market that is giving comforting signs of recovery,' commented Paolo Bottelli, CEO of Kryalos SGR.
Kryalos launched its first debt fund in July with equity commitments from Invesco Real Estate.
