Tyrus Capital completes second real estate transaction since acquisition of Tyndaris

Tyrus Capital’s European Real Estate Strategies (TERES) has closed its second transaction since the announcement of the acquisition of Tyndaris’ UK business by Tyrus Capital on 16 December 2019. TERES intends to deploy a further EUR 200 million in the coming months.

The investment represents a whole loan towards the acquisition and refurbishment of the Nova Centre, an out-of-town leisure centre near Barcelona, Spain. At entry, the whole loan detaches at low 70s of cost and low 60s of value. The transaction’s Sponsor is Spanish real estate developer Titan, whose specific focus and expertise is in the Catalonia region.

 
Imo Skrzypczyk, co-head of TERES, says: “The unique location of the Nova Centre enables it to monopolise the catchment area, with the high number of pre-leases ahead of the refurbishment demonstrating its strength. Furthermore, the asset’s leisure focus puts it ahead of the curve versus its competitors in the retail sector; as consumers are demanding centres offering an overall experience versus simply going to a shopping destination.”
 
This news follows the announcement in late December that TERES had provided a mezzanine loan for the completion of the Golfside Villas residential properties in the South of Spain; its first transaction following the announcement of the acquisition by Tyrus Capital.
 
Enrique Zouein, co-head of TERES, says: “These transactions are examples of TERES’ ability to provide capital where traditional lenders struggle. They are testament to our ability to take appropriate risk, act quickly and invest where traditional lenders have regulatory or internal constraints.” He added: “We continue to find attractive investments and have a robust pipeline of opportunities, and are convinced that this will remain the case for the foreseeable future.”