The project has financing of more than 50 million euros and will develop more than 2.2 million square meters.

The logistics sector , so strong in Castilla-La Mancha and especially in the province of Toledo, is preparing to face a new and important project in the Toledo town of Noblejas , already close to Madrid, to develop the so-called PTL Logistics Technology Park -Noblejas with a multimillion-dollar investment in a total area of ​​2,250,000 square meters . In its different phases of construction, urbanization and management, the creation of several thousand jobs , both direct and indirect, is expected .

The project will further deepen the logistics commitment of the Castilian-La Mancha community and comes hand in hand with the alliance between the Spanish company Dunas Capital Real Estate and the British firm Cheyne Capital Management , which have formalized a financing agreement of more than 50 million euros to develop this Noblejas park.

In a press release, the Spanish company explained that the project will be made up of large plots intended to house logistics and industrial platforms, with a total net plot of the entire initiative of more than 2.2 million square meters. Road connections will be established through the A-4, A-40, AP-36 and R-4 highways , placing the new Toledo platform in a “strategic position” as a “neural center” of national and international distribution , with proximity to the ports of the east and south of Spain.

The company has announced that it already has “all the necessary urban approvals” to begin the urbanization works of the future park, ensuring all the necessary services so that companies that want to establish themselves in Noblejas can carry out their activity at full capacity.

Millonaria alianza hispano-británica para otro parque logístico en Toledo con miles de empleos

Quintain, the developer behind Wembley Park, announces that it has refinanced the company’s existing corporate facility and infrastructure loans. 

The new agreement, totalling £780m, is backed by J.P. Morgan and Cheyne Capital and replaces a previous facility agreed upon in 2016.

Since breaking ground on Wembley Park nearly 20 years ago, Quintain has completed more than 5,000 homes, invested £2.8bn and continues to grow with two further Build to Rent schemes underway and on track to be delivered in 2025, plus a major new public park. The new agreement with J.P. Morgan and Cheyne Capital will support the ongoing development of Wembley Park in the years ahead.

Clare Morgan, head of corporate finance & treasury at Quintain, commented:

“We’re delighted to have secured a new lending facility with our partners, J.P. Morgan and Cheyne Capital. The new facility consolidates our existing debt exposure and strengthens our balance sheet to ensure a stable platform for ongoing excellence at our Wembley Park site.

The terms of this new facility reflect our attractive portfolio of stabilised, high-quality, Built-to-rent residential assets, the quality of our remaining development land, as well as record levels of BtR leasing activity over the past 18 months. Our retail leasing is also going from strength to strength, with London Designer Outlet breaking monthly year-on-year trading records for nine consecutive months as we celebrate the tenth anniversary of the outlet centre.

We’re looking forward to working together with our partners at J.P. Morgan and Cheyne Capital to deliver our plans and take Quintain to the next level. With two significant new buildings moving forward at great pace, we are well into our next phase of development at Wembley Park.”

Rahul Sule, head of J.P. Morgan EMEA, APAC Real Estate Finance, commented:

“It’s exciting to team up with Quintain and Cheyne Capital on this landmark transaction. The size and complexity of the transaction could not have been addressed without Quintain’s operational expertise and best-in-class track record in managing the Wembley Park project against an unprecedented market backdrop. This is one of the largest refinancings executed in the UK so far this year and highlights J.P. Morgan’s deep expertise in executing large transactions involving multiple parties while providing execution certainty in volatile capital markets.”  

Arron Taggart, head of UK Real Estate at Cheyne Capital, concluded:

“We are thrilled to continue our partnership with Quintain and to be part of the innovative Wembley Park project, which has undoubtedly had a positive impact on London’s housing supply. We have been involved in funding Wembley Park for a number of years now and continue to be impressed by the vision, delivery and quality of the project. Quintain has created a product and community that has been both accretive to the London townscape and will be a lasting legacy – they should be very proud of that achievement.”

Quintain re-finance Wembley Park assets – UK Property Forums

Ten investment managers and three advisors have been named by market participants as movers and shakers in the new unfolding European real estate investment market.  

  1  Cale Street Partners

The company was founded by former Goldman Sachs global head of real estate, Ed Siskind. The capital comes from the Kuwaiti Investment Authority, which initially backed it with $1.5 bn in 2014. Dalamal has been with the company since 2019, having joined from Och-Ziff where he was head of European commercial real estate credit. Prior to that he was with Deutsche Bank in its European commercial real estate group for six years. Cami has been with the company since inception. He was formerly with Goldman Sachs at the same time as Siskind. 

 2  Ares Management

The global firm has a very longstanding real estate equity investing history in the US and Europe, but only entered European real estate credit relatively recently.  Philip Moore  was hired in 2021 having served as head of European real estate debt at Carlyle flagship credit opportunities fund where he headed real estate within the firms opportunistic credit business. The team has completed 1.1 bn of lending in the last 15 months since launching in January 2022 and all in the whole loan/senior space. The team is seeing significant demand and opportunity in refinancings.

3  Apollo Management

The New York-headquartered company is an active real estate investor and lender throughout Europe, across the risk-return spectrum. Apollo  s perpetual, balance sheet capital from the company  s retirement services business gives the firm flexibility and creativity when structuring and underwriting transactions. Its capabilities extend through its special situations vehicles to a series of different businesses including commercial real estate debt and core-plus strategies each able to create and take on idiosyncratic solutions. The London group is led by  Skardon Baker  as head of its large European Principal Finance (EPF) special situations funds and its European RE platform. Other notable names are partners who report to Baker such as  Ed Jones ,  Ivo Kolev ,  Samuele Cappelletti  and  Seb Zillas .  Ben Eppley  leads the CRE debt business, while  Boris Olujic  and  Frederick Neske  lead the core-plus RE business. The European real estate team collaborates closely with their credit and equity colleagues around the globe, including  Jamshid Ehsani , a partner in Apollo  s credit franchise that originated the Vonovia transaction. Baker said Apollo had ‘unique and flexible capital  , helping it capitalise on the illiquidity and market distress currently underway in many European markets.

4  The Blackstone Group

No prizes for guessing Blackstone makes it onto the list given its track record, vast financial investing resources, and ability to play in both large cap equity and debt spaces. The firm is a perennial dealmaker, making it to Number One spot in the annual PropertyEU Top 100 Dealmakers ranking with a combined 21.1 bn worth of transactions for the year 2022. There will be no slacking off. Head of Europe real estate,  James Seppala , told PropertyEU in a recent interview that Europe was providing compelling investment opportunities. He added: In fact, Europe is the most active area for capital deployment on a global basis at the moment.   The firm is working towards a first close of its latest Europe opportunistic fund, Blackstone Real Estate Partners Europe VII (BREP Europe VII), seeking $10 bn (9.2 bn) of equity commitments.   

5  Cheyne Capital Real Estate

One of the most active credit firms out there, this firm is certainly one to watch. Since launching in 2000, Cheyne Capital has become one of Europes leading alternative investment managers. Headquartered in London, it invests across the capital structure from the senior debt to equity of corporates and real estate. Real estate investments account for approximately half of the firms 10 bn under management and span direct real estate lending, securitised European real estate debt and selective special situations, including impact real estate investing in affordable and specialist housing. In real estate lending, it has carved out a niche for specialised non-bank loans to borrowers in select European markets, staying flexible to invest into all parts of the capital stack. Market participants say  Arron Taggart , head of UK investment, along with  Raphael Smadja  and  Daniel Schuldes , co-heads of Europe, are key people to know. 

 6  Starwood Capital Group

More typically, the US group is known as an opportunistic equity investor, but it also combines this with credit. In Europe, the firm continues to be very active and is expected by many to play a part in the unfolding dislocation in the region. The company has been working credit situations in the US for over 30 years and has deployed almost $100 bn in commercial real estate lending globally since 2009. But Europe is becoming a major focus according to  Lorcain Egan , MD and co-head of Europe responsible for the groups lending platform. He said in an interview that its international lending business is now nine times bigger than it was in 2018. He confirmed Europe was a huge growth area and the dynamics were ‘as good as the firm has seen for at least a decade.   He joined the company in 2013, having been a VP at Barclays Bank in its structured property debt finance team in London. The big push in Europe began in 2018 when the company saw the potential for non-bank lenders to fill a gap left by banks. 

 7  KKR

KKR is another of the US private equity alternatives firms expected to play a greater part in matters going forward. Global head of real estate, Ralph Rosenberg, wrote in his second-quarter review recently: ‘In our view, the dislocation may create a once-in-a-decade investing opportunity in real estate, but investors should also be prepared to weather the storm.   He points to the second and third-order effects of banks pulling back and a potential looming credit crunch due to the sudden rise in interest rates. He wrote that this creates the potential for a credit crunch impacting certain owners and asset types that will no longer have the same access to debt capital  . Market participants say in Europe  Ali Imraan  is one to watch as head of European real estate credit. He joined KKR in January 2022 having previously been at Citi bank, Royal Bank of Scotland, and most recently MD of debt investments and special situations at LaSalle Investment Management. KKR launched a European real estate debt platform last year. On the equity side, it is currently raising KKR Real Estate Partners Europe III. Its second fund closed on $2.2 bn (  2 bn). 

 8  Brookfield Asset Management

With its long-term investment focus, the Canadian firm will always be found where there is an opportunity to be had. In recent years, it has invested significantly across Europe, with over   45 bn of assets in nine different countries and across a number of different sectors, including alternative real estate segments where it has been building platforms. Transactions of particular note include the establishment of a life sciences platform, ARC, and the acquisitions of Hibernia REIT and Befimmo. One has to expect it will continue to find big new opportunities to create value, in some cases driven by credit issues or public companies finding it more challenging to raise money. The company has plenty of firepower at its disposal and is said most recently to be seeking $15 bn of equity for its flagship strategy.  Brad Hyler  is managing partner and head of Brookfield  s real estate business in the region. 

 9  LaSalle Investment Management

Michael Zerda  is the go-to professional here for debt, equity, and everything in between. As co-CIO for Europe and head of debt and private equity strategies, he oversees a business regarded as much more than just lending but tapping into the team  s hybrid opportunistic equity and special situations roots in this market. He helped create LaSalles debt and special situations business after the global financial crisis, left in 2015 to join Blackstone as head of Europe real estate debt strategies, and rejoined LaSalle in 2021 in a new elevated role. LaSalle lending business has become very active recently across whole loans and mezzanine, recently providing a   325 mln mezzanine loan to refinance a large Iberian hotel portfolio, among others. The equity business has been active in non-traditional, counter-cyclical sectors, including designer outlets and education hubs, as well as partnering with numa, a tech-enabled hybrid hotel operator to aggregate urban accommodation in gateway European cities. Zerda brought on board  David White  to head LaSalle  s real estate debt strategies in Europe and  Blake Loveless  to lead its European private equity division. 

 10  BentallGreenOak (BGO)

BGO is a very active lender in Europe and has a sizeable equity capability via large funds. In the UK it provides senior, whole loans and mezzanine debt. The bulk of the lending revolves around transitional real estate and core plus. Its website says the UK and European Lending Program is able to advance loans for acquisition finance, refinance, finance of discounted payoffs and redevelopment/capex loans from   5 mln to over   200 mln for up to 7-year terms. GreenOak Europe Secured Lending Fund III beat its   800 mln target by closing on   869 mln in Q1 2021. Its third UK Secured Lending Fund closed on    1.43 bn last year. The business is part of SLC Management owned by Sun Life of Canada.  Martin Sheridan  is MD for BGO’s UK debt business.  Laura Manthe  is a principal of real estate lending. 

Magazine: 2023 Movers & shakers

Build to Rent developer Quintain completes the refinancing for Wembley Park, backed by J.P. Morgan and Cheyne Capital.

Quintain – the developer behind Wembley Park – has completed the refinancing of the company’s existing corporate facility and infrastructure loans. Totalling £780m, the agreement is backed by J.P. Morgan and Cheyne Capital and replaces a previous facility, which was agreed in 2016.

“We’re delighted to have secured a new lending facility with our partners, J.P. Morgan and Cheyne Capital. The new facility consolidates our existing debt exposure and strengthens our balance sheet to ensure a stable platform for ongoing excellence at our Wembley Park site. 

“The terms of this new facility reflect our attractive portfolio of stabilised, high quality, Build to Rent residential assets, the quality of our remaining development land, as well as record levels of Build to Rent leasing activity over the past 18 months. Our retail leasing is also going from strength to strength with London Designer Outlet breaking monthly year-on-year trading records for nine consecutive months as we celebrate the tenth anniversary of the outlet centre.

“We’re looking forward to working together with our partners at J.P. Morgan and Cheyne Capital to deliver our plans and take Quintain to the next level. With two significant new buildings moving forward at great pace, we are well into our next phase of development at Wembley Park.”

Clare Morgan, Head of Corporate Finance & Treasury, Quintain

Since breaking ground on Wembley Park nearly 20 years ago, Quintain has completed over 5,000 homes and welcomes around 16 million visitors a year.

The company has also invested £2.8bn and continues to grow with two further Build to Rent schemes underway and set to be delivered in 2025, plus a major new public park.

“We are thrilled to continue our partnership with Quintain and to be part of the innovative Wembley Park project which has undoubtedly had a positive impact on London’s housing supply. We have been involved in funding Wembley Park for a number of years now and continue to be impressed by the vision, delivery and quality of the project. Quintain has created a product and community that has been both accretive to the London townscape and will be a lasting legacy – they should be very proud of that achievement.”

Arron Taggart, Head of UK Real Estate, Cheyne Capital

This new agreement with J.P. Morgan and Cheyne Capital will support the ongoing development of Wembley Park in the years ahead.

“It’s exciting to team up with Quintain and Cheyne Capital on this landmark transaction. The size and complexity of the transaction could not have been addressed without Quintain’s operational expertise and best-in-class track record in managing the Wembley Park project against an unprecedented market backdrop. This is one of the largest refinancing executed in the UK so far this year and highlights J.P. Morgan’s deep expertise in executing large transactions involving multiple parties, while providing execution certainty in volatile capital markets.”

Rahul Sule, Head of J.P. Morgan EMEA, APAC Real Estate Financehttps://btrnews.co.uk/quintain-completes-refinancing-for-wembley-park/

Dunas Capital Real Estate , a real estate asset management platform , has successfully closed a financing agreement of more than €50 million with the international alternative investment fund manager Cheyne Capital Management (UK) for the development of the ‘Logistics Technology Park of Noblejas (PTL-Noblejas)’. Just 50 km from Madrid capital, the action is carried out on a sector of land that has a total surface area of ​​approximately 2.25 Mm2 of resulting net plot, made up of large plots intended to house logistics and industrial platforms. The plot surfaces comprise between 30,000 m2 and 500,000 m2 of land, and “tailor-made” solutions can be created for each company.

The area has all the necessary urban approvals to begin the urbanization works immediately and the services have been secured so that companies that want to set up there can carry out their activity. In addition, the park itself will be certified by ‘BREEAM’ and will have a photovoltaic solar energy plant, ecological materials in road construction, more than 34 hectares of parks, 200,000 m2 of plots for sports facilities and services, rainwater recycling and electric vehicle charging stations.

David Angulo, president of Dunas Capital, stated: “This operation constitutes a milestone at a time when investment in the development of logistics land is at minimum levels due to the uncertainty introduced by the rise in interest rates and construction cost inflation”. For their part, Javier Quintela and Daniel Schuldes of Cheyne Capital added that “Spain is a region in which we have been very active in recent years and we continue to see a large number of opportunities in the region. We are pleased to expand our presence through this development with Dunas Capital Real Estate and we hope to see this project grow very soon.

In addition to the PTL-Noblejas, Dunas Capital is currently leading the development of the ‘Alma-Meco Logistics Park’, another of the largest logistics macroprojects in Spain and which has more than 2 Mm2 of gross surface area.

Dunas Capital logra el respaldo financiero de Cheyne para desarrollar su parque de Noblejas

The UK and Ireland is a unique retail market and in particular, the UK is one of the leading retail destinations in Europe and it is home to the highest proportion of international retailers. Over the coming pages RLI takes a closer look at the UK and Ireland markets and a selection of retail real estate projects that have recently opened and are due to launch in the years to come.

The role of shopping centres across the UK & Ireland is in an ever-changing flux as consumer behaviour continues to shift post-Covid. What is clear is that there has been an increased desire for a greater integration of leisure & restaurants, residential, healthcare, offices and technological advancements in shopping centres and mixed-use destinations.

Following what has been a relatively challenging start to the year, marginal deflation and improvements to consumer confidence suggest healthier times for retail are imminent, explains Savills in their research article ‘Spotlight: Shopping Centre and High Street – Q1 2023’.

The article moves on to explain that while the Q1 shopping centre investment volume was directly in-line with the five-year average, prices continued to fall as sentiment worsened across the commercial property markets. £369.2M was transacted in the first quarter of 2023 across 19 deals, which is a marked increase in the number of transactions on previous first quarters.

Meanwhile, Cushman & Wakefield’s ‘Irish Investment Marketbeat Q2 2023’ report highlights that investment interest in volumes slowed further in the second quarter of 2023, with only €330M reached across 26 deals compared to €920M across 27 deals in Q1. Despite this, investor interest in the retail sector has improved in recent times thanks to the increase in yield on offer from the sector as well as the resilience in Irish consumer spending.

Projects Across the UK & Ireland

Revised proposals for the final phases of the regeneration of Wapping Wharf, designed to build on the success and special character of Bristol’s popular dockside neighbourhood, have been submitted to Bristol City Council. If approved, the plans for Wapping Wharf North will secure the future of the CARGO independent businesses and create a go-to leisure destination on the city docks. They will also provide much-needed sustainable new homes, shops, restaurants, takeaways and workspaces, together with generous landscaped public spaces and more natural habitat for wildlife to improve biodiversity. The proposals, by developers and owners Umberslade, have been significantly revised following consultation. Significant changes include removing the double-storey rooftop restaurant on the tallest building and one storey on another block and redesigning CARGO and the market hall to make them more like the existing shipping container development.

Developed by Battersea Power Station Development Company, Battersea Power Station opened last year and is at the heart of one of central London’s largest, most visionary new developments, which will see this vast 42-acre (over eight million square feet) former industrial brownfield site become home to a community of homes, shops, bars, restaurants, cafes, offices and over 19 acres of public space. This legendary London landmark and surrounding area has been brought back to life as one of the most exciting and innovative mixed use neighbourhoods in the world – a place for locals, tourists and residents to enjoy a unique blend of shops, bars, restaurants, leisure and entertainment venues, parks and historical spaces. It is a place to shop, eat, drink, live, work and play.

Uniquely located within a renowned London Square addressing Oxford Street, Harley Street and Regent Street this four storey subterranean development will be a world first wellbeing destination incorporating healthcare, retail and commercial space. Cavendish Square London by developer Reef Group is the world’s first mixed-use development specifically for the health and wellbeing industry. Set over four levels below the historic Cavendish Square Gardens, the scheme will total 280,000sq ft with floors of up to 80,000sq ft. Distinct entrances to Harley Street, Regent Street and Oxford Street, offer occupier and customer flexibility; one square, three addresses. Tenant hand over is scheduled for this year.

South London’s Borough Yards has continued its emergence as one of the capital’s leading mixed-use districts with the arrival of 12 new brands. The 140,000sq ft regeneration project – providing new offices, a cinema, shops and restaurants next door to the iconic Borough Market – saw leading beauty, food, fashion and homeware operators open their doors back in June. Borough Yards is one of the most exciting and unique developments in London and the developer MARK is creating a vibrant new London destination to shop, eat, work and play, right next door to the famous culinary crucible, Borough Market. Based in and around a series of restored and reconceived railway arches, Borough Yards is a new chapter for Southwark and the wider Borough Market area. Cheyne Capital Management has provided a £122.8M senior loan to MARK, the pan-European real estate investment manager, to refinance the newly developed, mixed-use scheme. The loan provided was used to refinance the existing lender group following practical completion and partial lease-up.

Bloomsbury Quarter, a project by CCP 5, a fund managed by Tristan Capital Partners, has received resolution to grant from the London Borough of Camden to refurbish and reposition Sicilian Avenue, London’s first historic pedestrianised high street, alongside delivering high-quality, ESG certified office space at Vernon & Sicilian House and 21 Southampton Row. The first part of the refurbishment works at Sicilian Avenue will focus on the west side, delivering 10,000sq ft of retail, while 55,000sq ft of offices is being developed at Vernon & Sicilian House and 21 Southampton Row. Further plans are underway for the remaining space and once complete, Sicilian Avenue will offer 17,000sq ft of prime retail space, extensive amenities and end of journey facilities. The project is targeting a BREEAM Excellent rating. Knight Frank Asset Management is working with Tristan Capital Partners to deliver the repositioning and refurbishment of the site. Alchemy Asset Management is the development manager for Bloomsbury Quarter. Knight Frank and Bluebook are the appointed office agents with P-THREE and CBRE acting as retail agents.

Oldham Council is redeveloping Spindles Town Square, changing it from being solely retail-focused to a place for all the community to use. This means providing better shops, new space for work and an improved leisure and entertainment offer for people of all ages. Work has already started and over the coming months people will begin to see the changes that are afoot as the development works to a summer 2024 completion date. The redeveloped Spindles Town Square will provide a new home for Tommyfield Market, which will relocate to a new split-level market, purpose-built in and around the former TJ Hughes unit. It will boost the centre’s shopping, leisure and entertainment offer, as well as being better for traders who can benefit from increased footfall, access to the adjacent car parks and nearby public transport stops. Part of the transformation will see an improved retail space that will offer shoppers a better experience. The new retail area will make it easier and more enjoyable to visit, with shops in one main area instead of scattered throughout the centre.

Set to complete next year by joint developers Drum Property Group and Stamford Property Investments, Candleriggs Square is a brand-new development in the heart of Glasgow’s Merchant City. The £300M transformation of Candleriggs Square in Glasgow’s Merchant City has reached another significant development milestone with the completion of structural work for a 346-apartment build-to-rent (BTR) complex, forward funded by Legal & General. Designed to meet the growing post-lockdown demand for affordable and high-quality city centre rental accommodation in vibrant city centre locations, the 325,000sq ft building will provide 346 apartments together with a range of retail and commercial units at ground floor level creating an attractive and accessible public realm.

Planning approval has been granted for Brookfield Riverside – a major mixed use new town centre, retail, leisure and housing development for the Borough of Broxbourne. The Borough of Broxbourne and Hertfordshire County Council, together with their development partners Sovereign Centros and Peveril Securities, have received planning approval for the €580M Brookfield Riverside development, part of the wider Brookfield masterplan including a new Garden Village, at Cheshunt, Hertfordshire. Seen as a significant future economic generator for the region, the new town centre and garden village will deliver the 335,000sq m mixed-use town centre development and 1,500 residential dwellings including 1,250 homes and 250 apartments, as well as parking for 2,000 vehicles. Brookfield Garden Village will also provide a primary school, neighbourhood centre and other council facilities needed in the area. The development will also see improved road and junction infrastructure, with new cycling and pedestrian links to connect to Cheshunt and the works are expected to complete in 2025.

The Elephant and Castle Town Centre redevelopment is one of Central London’s largest regeneration projects. The town centre is being brought forward in three main phases. The first phase of development at Elephant and Castle opened in 2017 and is managed by Get Living. Elephant Central incorporates 374 homes for rent alongside 278 student studios, across three buildings. Retail and leisure within the first phase includes a supermarket, a gym, a nursery and independent retailers. The second phase is currently underway and focuses on the comprehensive redevelopment of the former Elephant and Castle shopping centre into a new town centre that will serve as the hub and focal point of the local community. With Multiplex now appointed, the second phase construction is targeted to complete in 2026. The third and final phase will be delivered on the existing London College of Communication, UAL site following their move into their new campus. This phase will provide a further 498 new homes (333 market rent, 49 affordable rent and 116 social rent) as well as retail space and a 500-person capacity cultural venue.

St Michael’s is an exciting new landmark development at the heart of Manchester’s city centre that sets a new standard in quality and experience. With 186,000sq ft of sustainable human-centred workspace, a five-star international hotel, world-class dining and a vibrant public square, St Michael’s will capture the pioneering spirit of this remarkable city. The St Michael’s project is the shared dream of Relentless Developments, KKR and Salboy. Together, they will deliver a thriving business district of Manchester, offering the best office space, in a sustainable building, that will support the health and wellbeing of its occupiers both now and into the future. It starts with No. 1 St Michael’s that will launch next year. Featuring nine stunning floors of people-centric workspace, it will be complemented by world-class rooftop dining, stunning outdoor spaces and a proper British boozer/the renowned Manchester institution, Abercromby. The second phase will launch in 2027 and bring a new five-star hotel, complete with ultra-luxurious spa, dining and leisure facilities – plus an exciting option to call St Michael’s home.

The Crossings in Dublin, Republic of Ireland is a new vibrant shopping and retail environment to serve the affluent and growing catchment and put The Crossings, Adamstown on the map in terms of modern retailing. The first phase of The Crossings is now open and features 11,700sq m of retail space alongside 279 residential units. When fully complete, The Crossings will comprise of 975 residential units, 18,000sq m of retail space and 3,500sq m of commercial uses to include a civic/library building, creche, enterprise centre and primary care facility. Under development by Quintain who are best known for the transformation of Wembley Park in London and the third largest developer in Ireland, The Crossings is being designed to be a truly mixed-use community with a two-acre village green as the focal point for the area as a place to unwind and dine and to bring people together at events, artisan markets and family fun days.
https://www.rli.uk.com/uk-ireland-2/

Independent real estate asset management platform Dunas Capital Real Estate has successfully closed a   50 mln financing agreement with the global alternative asset manager, Cheyne Capital Management, to support the development of the PTL Logistics Park in Noblejas, Spain.

Located 50 km to the South of Madrid with a total area of 338 ha, PTL Noblejas will offer large size land plots, ranging between 30,000 m2 and 500,000 m2, suitable for large format logistics and industrial platforms.

The project has met all planning approvals and work is due to begin with immediate effect. The site stands at the crossroads of four main highways, the A-4, the A-40, the AP-36 and the R-4, and benefits from proximity to the ports at Valencia and Algeciras.

The site itself will be one of a few BREEAM certified logistics parks in Europe, which will allow tenants to achieve top environmental certifications.

Additionally, PTL-Noblejas will be powered by a PV-solar energy plant, will use ecological materials for the construction of roads, includes more than 34 hectares of parks, 200,000 m2 of plots destined for sport facilities and services, implements rainwater recycling technologies and will have electric vehicle charging stations.

Javier Quintela (Madrid) and Daniel Schuldes (London) of Cheyne Capital said: ‘Spain is a region in which we have been very active in recent years, and we continue to see a wealth of opportunities in the region.

‘We are pleased to be expanding our presence through this development with Dunas Capital Real Estate, and look forward to seeing this project come to life.’

Rafael de Andrés and David Angulo, principals at Dunas Capital, said: ‘This is surely the most important transaction in the development of logistics land in Spain in 2023 and the loan provided by Cheyne Capital secures the placing on the market of a large amount of quality logistics surface in the next two years, which has great demand from operators and retailers.’

Dunas Capital Real Estate has secured a €50m loan from Cheyne Capital Management UK to develop a logistics park in Spain.

Dunas said the financing will support the development of the PTL- Logistics Park in Noblejas.

The Cheyne Capital loan will support the completion of the first phase of the development, which will generate 716,000sqm of logistics plots within two years.

In a joint statement, Javier Quintela in Madrid and Daniel Schuldes in London of Cheyne Capital said: “Spain is a region in which we have been very active in recent years, and we continue to see a wealth of opportunities in the region.

“We are pleased to be expanding our presence through this development with Dunas Capital Real Estate and look forward to seeing this project come to life.”

Rafael de Andrés and David Angulo, principals at Dunas Capital, said: “This is surely the most important transaction in the development of logistics land in Spain in 2023 and the loan provided by Cheyne Capital secures the placing on the market of a large amount of quality logistics surface in the next two years, which has great demand from operators and retailers.”https://realassets.ipe.com/news/dunas-secures-50m-cheyne-capital-loan-for-spanish-logistics-park-project/10068800.article

Cheyne Capital Management LLP (Cheyne Capital) announced that it has provided a €44m loan to fund the acquisition and refurbishment of GDG Investissements‘ new c. 3,500m2 development in Central Paris.

The project will see the conversion of the existing property into a mixed-use building, comprising both space for a campus and social student housing.

Located in the sought-after 6th Arrondissement, the site is next to the Jardin du Luxembourg and has excellent public transport links. The development will be refurbished with sustainability in mind to obtain HQE Excellent and RE 2020 certifications.

Raphael Smadja of Cheyne Capital Real Estate commented: “This is a rare opportunity to deliver high-quality campus and social housing to Paris’s city centre. We’re pleased to be supporting GDG Investissements on this initiative and believe their long-standing focus on the implementation of business school campuses and excellent track record in this sector makes them an ideal partner for this project.”Remi Gaston-Dreyfus of GDG Investissements commented: “We are delighted to be acquiring this property, whose strategic location offers exceptional potential for our investment portfolio, particularly given its proximity to the prestigious Sorbonne Universite.”

GDG Investissements has secured a Є44 million ($48 million) loan to fund the acquisition and refurbishment of a major new development in Central Paris.

The project will see the conversion of the existing property into a mixed-use building, comprising both space for a campus (70 percent of the development) and social student housing.

Located in the 6th Arrondissement, the site is next to the Jardin du Luxembourg and has excellent public transport links. The development will be refurbished with sustainability in mind to obtain HQE Excellent and RE 2020 certifications.

“This is a rare opportunity to deliver high-quality campus and social housing to Paris’s city center,” said Raphael Smadja of Cheyne Capital Real Estate. “We’re pleased to be supporting GDG Investissements on this initiative and believe their long-standing focus on implementation of business school campuses and excellent track-record in this sector make them an ideal partner for this project.”

Rémi Gaston-Dreyfus of GDG Investissements, added that the property’s “strategic location offers exceptional potential for our investment portfolio, particularly given its proximity to the prestigious Sorbonne Université.”