Chenavari debt fund targets European market

Posted by Property Week on 4th Jul 2014

The £350m Chenavari Opportunistic Debt Fund II will provide loans of between £5m and £40m and target a net return to investors of 12% to 15%.

It will provide a variety of debt across the capital structure and will have a two-year investment period and a five-year life.

Geographically it will focus on the UK, Germany, France, Ireland, the Netherlands and Spain. A first close is expected in the first quarter of 2015. Chenavari has appointed First Avenue as its placement agent.

Chenavari’s first debt fund is now fully invested, with over $500m (£291m) deployed. It has so far provided returns of above 20% IRR on exited investments. Concluded deals include a £25m facility provided to the Ellandi Retail Fund for the purchase of a loan secured against the Ladysmith Centre in Ashton-under-Lyne and a £38.5m loan to TJAC for the purchase of two Cambridge offices.

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