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SELF II invests EUR35 million in Ambassadeurs portfolio


Senior European Loan Fund II (SELF II) has completed its fourth investment with a participation of EUR35 million in the financing of a portfolio of retail assets located in France.

The fund has already invested EUR105 million or more than quarter of the equity raised.
 
The transaction comprises a senior loan with respect to a portfolio of 11 retail assets in France in prime locations in Paris, Lyon, Marseille, Cannes and St. Tropez.
 
These assets are leased to a number of large luxury brands (Dior, Prada, Yves Saint Laurent and Chanel) and international cosmetics and ready-to-wear brands (Marionnaud, Sephora and H&M).
 
Arnaud Heck, co-head of the real estate finance platform, says: “Ambassadeurs is our second investment in the retail sector and our second in France. We are targeting a sustained investment program that will create a significant diversified portfolio for the fund based on our current pipeline. The loan represents a relatively limited risk with an average LTV on the portfolio of around 60 per cent and an interest coverage ratio over 300 per cent.”
 
Cyril Hoyaux, co-head of the platform, adds: “We consider that Ambassadeurs is a rare opportunity to invest in a funding that covers a high quality retail portfolio with prestigious locations, strong tenants and an adequate financing structure. We believe that risk adjusted returns are attractive for our investors and in line with the targeted returns of SELF II of over 2 per cent.”

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