Founded over 20 years ago by the Contreras family, Sereno Hotels is the company that created, owns and manages the award-winning Il Sereno hotels on Lake Como and Le Sereno on the island of Saint-Barthélemy.

Allen & Overy advised Cheyne Capital Management LLP, a global alternative asset manager, in the refinancing of the acquisition of the majority stake in Sereno Hotels by a company affiliated with KSL Partners, a private equity operator specializing in investments in the travel & leisure sector. The loan is intended, among other purposes, for the development of real estate properties.

Founded over 20 years ago by the Contreras family, Sereno Hotels is the company that created, owns and manages the award-winning Il Sereno hotels on Lake Como and Le Sereno on the island of Saint-Barthélemy.

The Allen & Overy team in France was coordinated by partner Caroline Delavet assisted by senior associate Chloé Detroussel. In Italy, the team was led by partner Pietro Scarfone (pictured left), assisted by associate Fabio Gregoris (pictured right) and trainee Gianmarco Volino. The operation involved the counsel Elia Ferdinando Clarizia and the associate Doris Ceoromila for tax assistance, the senior associate Roberta Errico for the administrative and real estate law aspects, the counsel Antonio Ferri for the corporate aspects. 

Cheyne Capital Management LLP , a global alternative asset manager, was assisted by Allen & Overy in the refinancing of the acquisition of a majority stake in Sereno Hotels by a company affiliated with KSL Partners , a private equity operator specializing in investments in the travel & leisure sector. The financing is intended, among other purposes, for the development of real estate properties.

Founded over 20 years ago by the Contreras family, Sereno Hotels is the company that created, owns and manages the award-winning Il Sereno hotels on Lake Como and Le Sereno on the island of Saint-Barthélemy.

The Allen & Overy team in France was coordinated by partner Caroline Delavet assisted by senior associate Chloé Detroussel. In Italy, the team was directed by partner Pietro Scarfone, assisted by associate Fabio Gregoris and trainee Gianmarco Volino. The operation involved the counsel Elia Ferdinando Clarizia and the associate Doris Ceoromila for tax assistance, the senior associate Roberta Errico for the administrative and real estate law aspects, the counsel Antonio Ferri for the corporate aspects.

The awards celebrate excellence among asset managers

Here they are. The finalists for the 10th anniversary Professional Pensions Investment Awards…

The Professional Pensions Investment Awards celebrate excellence among the asset managers who serve UK occupational pension schemes.

The awards, now in their tenth anniversary year, recognise asset managers over a broad range of specialisms and shine the spotlight on those whose achievements may not always be recognised by the more general UK Pensions Awards.

The awards process is unique within the industry – with the shortlist being drawn up in association with Aon, one of the leading investment consultants in the market, highlighting those asset managers who have demonstrated excellent performance.

The shortlist is broadly based on performance over the 12 months to 30 June 2023 but also recognises the need for consistent performance. Entrants were therefore only shortlisted if they demonstrated both excellent performance over the 12 months to 30 June 2023 AND strong performance over a three-year time period.

Shortlisted entrants are now being asked to complete a questionnaire to demonstrate how they differentiate themselves from their peers in terms of innovation, client service, sustainability, diversity and inclusion.

The nominees are as follows:

Where specific strategies have been named as part of the shortlisting process, they are in brackets following the company name.

10th Anniversary Award for Asset Management

AlphaReal

Baillie Gifford

M&G Investments

MAN Group

Robeco

ARBS (Absolute Return Bond Strategy) Manager of the Year

BlueBay

Insight Investment

Jupiter Asset Management

Legal & General Investment Management (LGIM)

PGIM

Royal London Asset Management

Buy and Maintain Credit Manager of the Year

BlackRock

Insight Investment

Invesco Asset Management

Legal & General Investment Management (LGIM)

Morgan Stanley Investment Management

Royal London Asset Management

Emerging Market Equity Manager of the Year

ARGA Investment Management (ARGA Emerging Markets Equity Strategy)

Bennelong Funds Management (Skerryvore Global Emerging Markets Equity)

Brandes Investment Partners (Emerging Markets Equity)

Letko, Brosseau & Associates (LetkoBrosseau Emerging Markets)

Orbis Investments (Orbis Emerging Markets Equity)

Pzena Investment Management (Pzena Emerging Markets Select Value)

Equity Multi Factor Solution Provider of the Year

Allianz Global Investors (AllianzGI Best Styles Global Developed Equity)

Allspring Global Investments (Factor Enhanced Global Equity)

AQR Capital Management (ACWI Style Premia Long Only Equity)

Invesco Asset Management (Global Multi-Factor ESG)

Lazard Asset Management (Global Equity Factor Advantage)

Global Core Property Manager of the Year

CBRE Investment Management

The Townsend Group

UBS Asset Management

Global Equity Manager of the Year

Causeway Capital Management (Causeway Global Value Equity)

Metropolis Capital (Metropolis Valuefund Strategy)

Ninety One (Ninety One Global Value)

Royal London Asset Management (Royal London Global Equity Select)

Global Fixed Income Manager of the Year

BlackRock

BNP Paribas Asset Management

Goldman Sachs Asset Management

Neuberger Berman

Pictet Asset Management

Robeco

Hedge Fund Manager of the Year

Alyeska Investment Group (Alyeska Aleutian Fund) (Alyeska Aleutian Fund)

Blue Diamond Asset Management (Blue Diamond)

Graham Capital Management (Graham Absolute Return Fund)

One William Street Capital Management (One William Street LSAR Fund)

Pimco (Pimco Commodity Alpha Fund)

Insurance Linked Securities Manager of the Year

Leadenhall Capital Partners (Leadenhall UCITS Cat Bond Fund)

Neuberger Berman (NB Insurance-Linked Strategies Fund)

Securis Investment Partners (Securis Non-Life Fund)

Liquid Securitised Manager of the Year

HSBC Asset Management

Janus Henderson Investors

M&G Investments

Prytania Asset Management

Schroders

TwentyFour Asset Management

Long Income Property Manager of the Year

Aviva Investors

CBRE Investment Management

Legal & General Investment Management (LGIM)

Multi Asset Credit Manager of the Year

ICG

Kohlberg Kravis Roberts

Oak Hill Advisors

Oaktree Capital Management

PineBridge Investments

Pan-European Core Property Manager of the Year

AXA Investment Managers

CBRE Investment Management

Invesco Asset Management

Quant Hedge Fund Manager of the Year

AQR Capital Management (AQR Alternative Trend)

Aspect Capital (Aspect Diversified)

Capital Fund Management (CFM Stratus)

Man FRM (Man Alternative Risk Premia)

Risk Parity Manager of the Year

AQR Capital Management (AQR Global Risk Premium)

BlackRock (BlackRock Market Advantage)

Bridgewater Associates (Bridgewater All Weather)

Columbia Threadneedle Investments (Columbia Adaptive Risk Allocation)

Man AHL (Man AHL TargetRisk)

Short Dated Credit Manager of the Year

AXA Investment Managers

Barings Asset Management

M&G Investments

Muzinich & Co

TwentyFour Asset Management

Sustainable Active Equity Manager

Impax Asset Management (Global Opportunities)

Impax Asset Management (Leaders)

Lyrical Asset Management (Global Impact Value Equity Strategy)

Ninety One (Global Environment)

Sustainable Corporate Bond Manager of the Year

AXA Investment Managers

BNP Paribas Asset Management

Candriam

Liontrust Asset Management

UK Core Property Manager of the Year

AEW Capital Management

Columbia Threadneedle Investments

UBS Asset Management

UK & European Non-Core Property Manager of the Year

Angelo Gordon

Blackstone

PGIM

UK & European Commercial Property Debt Manager of the Year

BentallGreenOak

Cheyne Capital

ICG

UK Equity Manager of the Year

Artemis Investment Management (UK Select)

BlackRock (UK Equity Focus)

Columbia Threadneedle Investments (Threadneedle UK Equity Alpha)

Heronbridge Investment Management (UK Equity – Unconstrained)

UK Fixed Income Manager of the Year

Fidelity International

Insight Investment

M&G Investments

Morgan Stanley Investment Management

Royal London Asset Management

UK LDI Manager of the Year

BlackRock

Columbia Threadneedle Investments

Insight Investment

Legal & General Investment Management (LGIM)

Schroders

Defined contribution categories

DC Investment Innovation of the Year

Aviva Investors (Aviva Investors Real Estate Active)

Berenberg (Berenberg Protected Equities)

BlackRock (BlackRock Diversified Alternative Strategies)

Schroders Capital (Schroders Capital Climate+)

Schroders Greencoat (Schroders Greencoat LTAF)

Target Date Fund Manager of the Year

Alliance Bernstein

Aon

BlackRock

Fidelity International

State Street Global Advisors

Real Estate Credit Investments Ltd (LON:RECI), a stable quarterly paying high yield dividend UK share, has announced that the Investment Manager’s Q1 Investor Presentation is now available:

Reci-june-2023-company-update-presentation-2023-08-07

An extract from the Summary section of the presentation is set out for investors in the Appendix to this announcement.

Appendix: Q1 Investor Presentation Extract

Key Quarter Updates

•    Portfolio

– Total NAV Return for the quarter: +2.0%

– No defaults in the portfolio

– Rotation of market bond portfolio into strong senior loans with attractive returns

–     During the quarter, two UK loans and one Portuguese loan fully repaid, realising net proceeds of £28.2m, and providing headroom to invest in new deals at enhanced IRRs

•    Cash

– Cash reserves remain targeted at between 5% to 10% of NAV

– As at 30 June 2023, cash was £27.8m.

•    Dividend

– Dividends maintained at 3p per quarter, 9.5% yield, based on share price, as at 30 June 2023

– Dividend predominantly covered by interest income

•    Opportunities

– The present macroeconomic backdrop is set to continue through 2023, resulting in further constraints in bank lending and alternative sources of capital. The opportunity to provide senior loans at low risk points, for higher margins, is increasingly evident

– The Company expects to deploy its currently available cash resources to its near term commitments and towards a compelling emerging opportunity set in senior loans

Real Estate Credit Investments Limited (LON:RECI) is a closed-end investment company that specialises in European real estate credit markets. Their primary objective is to provide attractive and stable returns to their shareholders, mainly in the form of quarterly dividends, by exposing them to a diversified portfolio of real estate credit investments.

Cheyne Capital Management has provided GDG Investissements with a €44m loan to help buy and refurbish a mixed-use property in Central Paris.

GDG is planning to convert the existing property located in the 6th Arrondissement in central Paris into a mixed-use building, comprising both space for a campus and social student housing.

Raphael Smadja of Cheyne Capital Real Estate, said: “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 implementation of business school campuses and excellent track record in this sector make them an ideal partner for this project.”

Rémi Gaston-Dreyfus at GDG Investissements. said: “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 Université.”

Practical completion and the launch of a new 144-home scheme in the emerging New Cross neighbourhood of Manchester has been achieved.

Alternative asset manager, Cheyne Capital, and contractor GMI Construction Group announced the latest stage of their £32m impact build-to-rent scheme, named Poplin, in honour of the fabric used to manufacture coats on the same site in the Second World War.

The site will open its doors to residents later this month.

The brick-clad scheme includes a mix of design-led one-, two- and three-bedroom apartments. Thirty five per cent of the homes are reserved for local key workers at meaningfully discounted rents, over and above local authority planning requirements, and all homes have capped rental increases to offer longer term certainty for residents.

Marc Banks, divisional managing director North West at GMI Construction Group, said: “We’re pleased to hand over this striking building in New Cross.

“This scheme is a jewel in the crown of one of the most exciting new areas of Manchester. We’re delighted with what has been achieved, working in partnership with Cheyne and the whole project team. The quality of the product is impressive and epitomises what GMI is all about.”

Designed by award winning practices Tim Groom Architects and YOUTH Studios, Poplin contains 3,500 sq ft of contemporary amenities including a residents’ lounge, co-working spaces, private dining room, 10-storey atrium space and a communal roof terrace with a stunning view of Manchester.

Tim Groom, of Tim Groom Architects, said: “It has been a pleasure to work on this project and the whole team have worked incredibly hard to get all the details right and deliver a building of the highest quality.

“The façade draws on the familiar warehouse typologies that are so well associated with Manchester and the round-headed archways are reminiscent of the nearby market hall.”

Poplin will be operated by Native Residential which already operates the Kampus scheme in Manchester. Through Native’s pioneering Neighbourhood Hero programme, Poplin will collaborate with local, independent businesses and charities in Manchester.

Jack Greenhalf, development manager at Cheyne Capital, said: “Poplin is in a fantastic location.

“New residents will benefit from the existing offering of neighbouring Ancoats, along with additional new developments to the New Cross area. With a unique brick façade, quality of design has clearly been at the forefront throughout this development. Residents will benefit from high quality, fully furnished apartments and a wealth of amenities with their wellbeing in mind.”

Alternative asset manager Cheyne Capital and contractor GMI Construction Group launch Poplin, its impact Build to Rent scheme in Manchester. The development – in the emerging New Cross neighbourhood – has reached practical completion. Poplin will open its doors to residents later this month.

“We’re pleased to hand over this striking building in New Cross. This scheme is a jewel in the crown of one of the most exciting new areas of Manchester. We’re delighted with what has been achieved, working in partnership with Cheyne and the whole project team. The quality of the product is impressive and epitomises what GMI is all about.”

Marc Banks, Divisional Managing Director, GMI North West

Designed by award winning practices Tim Groom Architects and YOUTH Studios, Poplin includes 144 new Build to Rent homes – a mix of design-led one-, two- and three-bedroom apartments. 35% of homes are reserved for local key workers at meaningfully discounted rents, over and above local authority planning requirements. All homes have capped rental increases to offer longer-term certainty for residents.

“It has been a pleasure to work on this project and the whole team have worked incredibly hard to get all the details right and deliver a building of the highest quality. The façade draws on the familiar warehouse typologies that are so well associated with Manchester and the round headed archways are reminiscent of the nearby market hall. We are committed to creating designs which appreciate context and add value to places and communities, and we are proud of the positive contribution this development makes to an increasingly vibrant area of the city.”

Tim Groom, of Tim Groom Architects

The brick-clad Poplin scheme includes 3,500 sq ft of contemporary amenities, including a residents’ lounge, co-working spaces, private dining room, ten storey atrium space, and a communal roof terrace with views of Manchester. 

Poplin will be operated by Native Residential – who already operate the award-winning Kampus scheme in Manchester. Through the operators pioneering Neighbourhood Hero programme, Poplin will collaborate with local, independent businesses and charities in Manchester.

Poplin is named in honour of the fabric used to manufacture coats on the same site in the Second World War.  

“Poplin is in a fantastic location within the thriving city of Manchester. New residents will benefit from the existing offering of neighbouring Ancoats along with additional new developments to the New Cross area. With a unique brick façade, quality of design has clearly been at the forefront throughout this development. Residents will benefit from high quality, fully furnished apartments and a wealth of amenities with their wellbeing in mind.

“In the current cost of living climate, Poplin will provide renters with longer term security and cost certainty, offering capped annual rental increases for all residents, as well discounted rents for key workers. Set against the current inflationary rental market, these provisions are particularly impactful and have received the full support of local stakeholders. We look forward to delivering a continued pipeline of Impact Build to Rent schemes across the UK.”

Jack Greenhalf, Development Manager, Cheyne Capital

Alternative asset manager, Cheyne Capital, and contractor GMI Construction Group announce the practical completion and launch of its 144 home Impact Build-to-Rent (BTR) scheme, in the emerging New Cross neighbourhood of Manchester.

Poplin, named in honour of the fabric used to manufacture coats on the same site in the Second World War, will open its doors to residents later this month.

The brick-clad scheme includes a mix of design-led one-, two- and three-bedroom apartments. 35 per cent. of the homes are reserved for local key workers at meaningfully discounted rents, over and above local authority planning requirements, and all homes have capped rental increases to offer longer-term certainty for residents.

Marc Banks, Divisional Managing Director North West at GMI Construction Group, said: “We’re pleased to hand over this striking building in New Cross. This scheme is a jewel in the crown of one of the most exciting new areas of Manchester. We’re delighted with what has been achieved, working in partnership with Cheyne and the whole project team. The quality of the product is impressive and epitomises what GMI is all about.”

Designed by award winning practices Tim Groom Architects and YOUTH Studios, Poplin contains 3,500 sq ft of contemporary amenities including a residents’ lounge, co-working spaces, private dining room, 10-storey atrium space and a communal roof terrace with a stunning view of Manchester. 

Tim Groom, of Tim Groom Architects, added: “It has been a pleasure to work on this project and the whole team have worked incredibly hard to get all the details right and deliver a building of the highest quality. The façade draws on the familiar warehouse typologies that are so well associated with Manchester and the round headed archways are reminiscent of the nearby market hall. We are committed to creating designs which appreciate context and add value to places and communities and we are proud of the positive contribution this development makes to an increasingly vibrant area of the city.”

Poplin will be operated by Native Residential who already operate the award-winning Kampus scheme in Manchester. Through Native’s pioneering Neighbourhood Hero programme, Poplin will collaborate with local, independent businesses and charities in Manchester.

Jack Greenhalf, Development Manager at Cheyne Capital, concluded: “Poplin is in a fantastic location within the thriving city of Manchester. New residents will benefit from the existing offering of neighbouring Ancoats along with additional new developments to the New Cross area. With a unique brick façade, quality of design has clearly been at the forefront throughout this development. Residents will benefit from high quality, fully furnished apartments and a wealth of amenities with their well-being in mind.

In the current cost of living climate, Poplin will provide renters with longer term security and cost certainty, offering capped annual rental increases for all residents, as well discounted rents for key workers. Set against the current inflationary rental market, these provisions are particularly impactful and have received the full support of local stakeholders. We look forward to delivering a continued pipeline of Impact BTR schemes across the UK.’

Stanhope has announced the launch of construction work on the transformation and extension of 76 Southbank, adjacent to the National Theatre, to create a premier, sustainable office space. Multiplex has been appointed as main contractor for the 18 month construction contract. The historic Grade II listed building is being sensitively remodelled and refurbished, with 80% of the iconic building’s existing structure preserved.

Designed by AHMM, 76 Southbank will become a noteworthy example of low carbon office design, with a commitment to achieving Net Zero Carbon in both construction and operation. The project’s sustainability credentials are made possible through energy innovation and a focus on retaining the building’s historical significance. The development is targeting BREEAM Outstanding certification and has a NABERS Design Reviewed Target Rating of 5 Stars. It encompasses a circular economy approach, including efforts to maximise off-site fabrication of key building elements such as façade and MEP systems to minimise waste on site, and the procurement of re-used steel.

Recognising the importance of wellbeing, the refurbished 76 Southbank will offer flexible office spaces that promote productivity and comfort and help foster collaboration. The development will feature an impressive 50,000 sq. ft of outdoor terraces, providing occupants with panoramic river views, and will incorporate biophilic landscaping, enhancing the connection to nature. It has been designed with a double-height entrance lobby and a striking centrepiece staircase that will serve as a visual focal point. Embracing future-thinking concepts, the project incorporates touchless entry design, prioritising the health and safety of occupants.

In addition to its sustainability and wellbeing credentials, 76 Southbank will also contribute significantly to the local economy. The development will provide 300,000 sq ft of much-needed office space, creating 1,200 additional jobs for the community and wider London. The well-connected building is just a short walk away from Waterloo station, while nearby Blackfriars and Charing Cross stations provide excellent transport links to Greater London and the Home Counties.

Global alternative asset manager Cheyne Capital Real Estate provided the financing for the project. Leading real estate agencies CBRE and JLL have been appointed as the agents for 76 Southbank. The project is set to complete in Q4 2024.

Nick Jarman, Project Director at Stanhope said: “This project represents a significant milestone in our commitment to transforming historic buildings into vibrant, sustainable spaces that promote innovation and wellbeing. With the expertise of Multiplex and our shared vision, we are confident that 76 Southbank will become a premier office destination, showcasing the perfect blend of heritage and contemporary design.”

Matt Price, Project Director at Multiplex said: “We are extremely proud to be partnering with Stanhope to deliver the extension and refurbishment of this iconic project on London’s Southbank. Having worked closely with the development team throughout the pre-construction and demolition stages of the project, we’ve now taken over management of the site, marking a significant milestone in the construction journey, ahead of the existing structure going back up and superstructure works commencing.”

Filippo Alessandria at Cheyne Capital Real Estate concluded: “This is a landmark project and a rare opportunity to redevelop such a historic building in Central London. We were impressed by the project team’s emphasis on sustainability and are proud to help deliver this high quality, BREEAM Outstanding office in the heart of Southbank.”

Greater Manchester Pension Fund and South Yorkshire Pensions Authority have joined the London Borough of Newham as the latest Local Government Pension Schemes (LGPS) committing to Cheyne Capital’s Impact Real Estate strategy.

Cheyne Impact Real Estate specialises in building “high quality housing” both for general needs and specialist purposes. Within its projects, a significant proportion of the homes are made available to lower-income and key worker residents at significant discounts and all homes have capped rental increases to offer longer-term certainty for residents. The affordable homes are provided on a voluntary basis, above and beyond any mandated affordable housing requirement, and without the use of government grant funding. At the same time, the properties are always developed on a ‘tenure blind’ basis so that all tenants enjoy identical levels of specification and service.

Cheyne’s cross-subsidy approach allows for the Discounted Market Rent to be meaningful and removes the need for it to be increased at the full rate of inflation when the sources funding it may be increasing at sub-inflationary levels. The approach also enables properties to be developed to a high and sustainable standard and to be socially inclusive.

With lower expected void rates than the traditional Build-to-Rent (BTR) sector, as well as careful sourcing of investments to lower the entry basis and the ability to develop in-house to keep development profits captive for investors, the strategy is not considered to be concessionary from a financial perspective. The Good Economy reports on an annual basis on the social impact credentials of the strategy, and going forward will report on its place-based impact.

Stuart Fiertz, Co-Founder of Cheyne Capital and Head of Responsible Investment said:

“We are delighted that the solution we are offering both to tenants and to investors has resonated with Greater Manchester Pension Fund and South Yorkshire Pensions Authority, as well as with the London Borough of Newham. Thanks to their support, we will now be able to expand our portfolio elsewhere in the UK and we are excited at the prospect of announcing some of the future projects in our pipeline”.

Cllr Gerald Cooney, Chair, Greater Manchester Pension Fund, added:

“Our Impact Portfolio seeks to invest locally and create a positive impact, alongside generating a commercial return. I am proud that the Greater Manchester Pension Fund is supporting Cheyne Impact Real Estate and its effort to provide affordable homes for key workers in Greater Manchester. Aiming to deliver a competitive risk adjusted return to ensure we meet future pension obligations, as well as delivering measurable and positive social change in the Greater Manchester area, Cheyne Impact Real Estate is providing a socially inclusive and place-based solution for economic growth in the region and beyond. I look forward to seeing Cheyne Impact Real Estate scale up its efforts to build high quality housing for lower income residents and other specialist needs accommodation.”

George Graham, the Director of South Yorkshire Pensions Authority, concluded:

“It’s a pleasure to have invested our members’ capital with Cheyne Impact Real Estate, helping to provide more affordable and specialist housing in the UK to those who need it the most in the current difficult economic climate. As an Authority we are committed to Place Based Impact Investing and using our power as an investor, we can help and provide more homes in South Yorkshire and across the UK, while making the returns we need to pay our members’ pensions.”

Cheyne Impact Real Estate’s development in Manchester’s New Cross district (pictured) will open its doors to residents later this month. This scheme contains 35% of homes reserved for local key workers at rents which are calculated to account for no more than 30% of the tenants’ net disposable income. With another two schemes due to complete this year, Cheyne is now working on similar projects in other regions of the UK.