UK: Cheyne Capital and Saco Property Group have closed their fourth partnership, taking the total provided by Cheyne to SACO over the past year to circa €250 million.
The funding is being used to support the development of four Locke aparthotel schemes across London, Dublin and Lisbon.
The specific micro-locations have been “carefully identified by SACO to meet both leisure and corporate demand in tier-one European cities”.
Richard Howe of Cheyne Capital said: “The funding of these transactions demonstrates Cheyne’s continued ability to provide flexible loan solutions to complex development projects across multiple jurisdictions. As an evolving asset class with strong fundamentals, the aparthotel sector is gathering serious momentum and we are pleased to support an institutional quality business like SACO on its journey to become a market leader in this space.”
Merzak Kaddour, investment director at Saco, said: “We are delighted to have partnered with Cheyne Capital who offer a flexible approach to debt structuring and a thorough understanding of the sector. Their ability to move fast and thus offer certainty of execution across multiple jurisdictions is what sets this team apart. We look forward to a prolonged working relationship.”</p
