Asset manager Cheyne Capital has provided a €73 million loan to HIG Capital to fund the acquisition of three buildings in Spain’s capital city.
Cheyne Capital said the senior loan will be used by HIG to fund the acquisition of two offices and one hotel building in central Madrid which will undergo a renovation to be transformed into a residential scheme.
The 20,000 square metres portfolio in Arturo Soria is expected to be converted into a residential scheme of around 267 units.
Daniel Schuldes and Javier Quintela of Cheyne Capital’s real estate arm said: “We are delighted to support the conversion of outdated and obsolete buildings into more energy-efficient, residential dwellings.
Source: realassets.ipe.com on the 6th of November 2023
https://realassets.ipe.com/news/cheyne-capital-provides-hig-with-73m-acquisition-loan-in-spain/10069882.article