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SHIFT CAPITAL advised GDG INVESTISSEMENTS for a €77.6m speculative development financing
Cheyne Capital, a London-based fund, was convinced by the project of GDG Investissements located rue Henri Barbusse, bringing a €77.6m total financing, shared between a €52.2m senior loan and a €25.4m mezzanine loan.
Real estate development projects in northern Paris area continue to attract senior lenders and mezzanine funds in France. Advised by Shift Capital, GDG Investissements completed the financing of its H2B project in Clichy (30-32 rue Henri Barbusse), a property complex of nearly 6,000 sqm acquired two years ago. Located in the city centre of Clichy, the Rémi Gaston-Dreyfus fund will double the surface of the asset, developing approximately 13,000 sqm of offices and over 2,000 sqm of green space to be delivered the first quarter of 2021. To finance this project, GDG convinced the London-based fund Cheyne Capital, which financed GDG project through a €52.2m senior loan and a €25.4m mezzanine loan. This high-leveraged financing was realised through Cheyne's dedicated French lending vehicle, which furthers its presence in France's the private real estate debt sector. For the record, last year, the fund provided the mezzanine loan of the Kley's student housing project, some of which is currently under development.