Cheyne Capital Management LLP (Cheyne Capital) announced that it has provided a €44m loan to fund the acquisition and refurbishment of GDG Investissements' new c. 3,500m2 development in Central Paris.
The project will see the conversion of the existing property into a mixed-use building, comprising both space for a campus and social student housing.
Located in the sought-after 6th Arrondissement, the site is next to the Jardin du Luxembourg and has excellent public transport links. The development will be refurbished with sustainability in mind to obtain HQE Excellent and RE 2020 certifications.
Raphael Smadja of Cheyne Capital Real Estate commented: “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 the implementation of business school campuses and excellent track record in this sector makes them an ideal partner for this project.”
Remi Gaston-Dreyfus of GDG Investissements commented: “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 Universite.”
