Fri, 17/01/2014 - 06:09
Tyndaris Real Estate, led by former Deutsche Bank employees Heath Forusz and Clark Coffee, has closed its third credit investment, a EUR64m mezzanine loan secured by a portfolio of German office properties.
The team has been actively lending and investing since last summer and has now deployed over EUR90m of subordinate capital.
Tyndaris Real Estate provides debt capital to the European commercial real estate sector. The business, which is a new entrant to the alternative lending sector, primarily targets performing assets backed by strong sponsors and credible business plans. Lending solutions range from senior debt to mezzanine and preferred equity.
“We are a solutions-oriented lender with the flexibility to invest across capital structures, asset classes and jurisdictions in Europe. We provide capital where, for the most part, the banks cannot due to regulatory and balance sheet constraints,” says Forusz. “We continue to find attractive debt investments and have maintained a robust pipeline of opportunities despite increased liquidity in the sector. Given the size and diversity of the European market opportunity, we believe this will continue to be the case.”
In total Tyndaris’ loan investments are secured by over EUR420m and approximately 2.5 million square feet of office, retail and residential real estate. The assets are primarily located in Germany, which together with the UK, are two of the main focus markets of Tyndaris Real Estate’s business and represent two of the three largest CRE investment markets in Europe.
“After a period spent developing our infrastructure and raising capital, we are excited to be in the market and demonstrating proof of concept. Our investments reflect good risk return metrics for our investors and, importantly, are accretive to our borrowers,” says Coffee.
Tyndaris Real Estate is part of a wider alternative investment advisory business at Tyndaris LLP, which was established by fund entrepreneur Raffaele Costa and is authorised and regulated by the Financial Conduct Authority.
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