Chenavari In Big European Property Debt Push

May 25 2012 | 3:23am ET

Credit hedge fund Chenavari Investment Managers is planning a major deployment of capital in the European property debt market.

The London-based firm has already allocated £100 million to the space, but it isn’t done there. Chenavari’s Andrew Haines told Property Investor Europe that the US$1.8 billion hedge fund plans to increase its investments property debt to £250 million by the end of the year.

“We can do the whole of continental Europe, but we have a big bias to Germany, the U.K. and, to a lesser extent, France,” Haines said. “Our history is very much U.K. and Germany, so those are the markets we’re focused on.”

Chenavari has already closed 16 deals in European property debt for its Real Estate Trading Fund.

“The things that distinguish us from other funds is we don’t necessarily need current pay so we can take opportunities where we roll up our interest for the exit and we can do deals where we take a profit share,” Haines said. “We’re looking at one at the moment for instance where we get paid some current interest, some roll-up and then we split the profit on the back end.”


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